Customer Snapshot: Overview
40% of fraud incidents occur over the weekend
As online payment becomes the standard for doing business, the threat of credit card fraud is on the rise. As an e-payment service provider, Monext knows that even the slightest reduction in fraud can save hundreds of millions of euros annually. With the SAP® InfiniteInsight® solution, Monext builds card-specific predictive models that help identify fraudulent transactions in milliseconds.
Number of Employees
Line of Business
Customer Snapshot: History
Customer Snapshot: Business Model
Specializing in Mobile Payment Transactions
Every day, millions of people across Europe rely on these services to shop in stores and online, fuel their cars, take the bus or train, or even pay their parking ticket. And should it become necessary to block a credit card to prevent fraudulent use, Monext is there to help as well.
Customer Snapshot: Success Strategy
Partnering with Businesses
Active in several European countries, Monext has worked with some of the largest companies in banking, retail, and e-commerce to help them grow their businesses across the continent. Monext is one of the first European providers of payment solutions and services that support multi-lingual, multi-currency, and cross-country transactions. Their offerings span back-office and 24/7 customer service center activities.
By 2015, Monext aims to leverage the full potential that the Single European Payments Areas (SEPA) offers – helping solidify their position as a leader among electronic payment providers.
A Growing Problem
But Monext realized that they needed a more targeted approach to predicting potential fraudulent activity. In particular, the company wanted to decrease false alerts to improve the consumer experience and to reduce costs in their call centers.
Out with the Old, In with the New
Monext made the decision to replace an outsourced analytics solution that used a rather generalized model to predict e-fraud. With the SAP InfiniteInsight solution, Monext could create custom-tailored predictive models for each unique card provider and card type—including credit, debit, prepaid, and luxury cards.
Enter SAP: The SAP Experience
Employees using the new solution were intrigued by its powerful and user-friendly interface. It basically allowed them to learn how to use the tool on-the-fly, leading to more rapid modeling.
Analyzing Big Data in Milliseconds
Monext can now build card-specific predictive models that help identify fraudulent transactions in milliseconds. This ability to keep pace with a constantly growing credit card business has helped reduce fraud across one billion transactions every year. Furthermore, Monext has seen a reduction in false alerts.
Better Business: Benefits
With these improvements in overall consumer experience, call center agents are now able to focus more on providing valuable services to consumers and addressing other challenges.
Better Business: Run Simple
Less Time and Effort, More Reliable Results
In the past, it could take Monext days or even weeks to create a predictive model to help identify potential fraudulent activity. Today, just one half-time analyst is capable of building customized models that are tailored to specific needs, with reliable results available within hours. This enables a more accurate prediction of the potential fraudulent activity and helps to ensure the trust that businesses and millions of consumers have in secure credit card transactions.
SAP InfiniteInsight will give us a real competitive advantage, saving hundreds of millions of euros annually.Annabelle Gerard, Business Intelligence and Data Mining Analyst, Monext SAS
Continuous Innovation for Future Protection
Monext believes that continuous innovation is critical to stay ahead of fraud and to make payments even more convenient and secure across all electronic channels. The company intends to continue to support and protect businesses and consumers using SAP software technology.