Iris analytics

IRIS Analytics GmbH is the company in Germany. It is created in 1992.

The headquarters in Frankfurt am Main.

The main direction in business - development of systems of fraud prevention, processing, products for operators of payment systems. The IRIS technology uses cognitive opportunities for fast generation of models of prevention of cases of fraud and also supports creation and modifying of specialized templates for different payment platforms. Acting as "the virtual analyst" for detection of new schemes of fraud, IRIS applies cognitive opportunities to help analysts to detect cases of fraud and quickly to react to them. IRIS promotes overcoming "gap" between the rules set by experts and traditional predictive modeling, using artificial intelligence and cognitive technologies for interaction with specialists. Along with operational testing and application of models of counteraction to fraud, IRIS offers specialists picked most precisely up analytics in an interactive mode.

IRIS technologies use the leading banks and payment systems around the world. So, for example, the French interbank network of authorization of e-RSB managed by STET company uses the IRIS platform at implementation of 5.5 billion transactions on credit and debit cards a year. "Providing the average time of a response less than 5 milliseconds counting on transaction even during the periods of peak loads when we process over 750 transactions per second, IRIS gives us the chance to reveal cases of potential fraud without any additional costs for our service — Pierre Juhen, the deputy chief executive officer of STET reported. — Besides, we can successfully react to recently revealed schemes of fraud by implementation of new counter-measures within several hours, without disconnecting a system".

2016: IBM purchased IRIS Analytics, provider of analytical solutions for fight against fraud

On January 25, 2016 the IBM corporation announced acquisition of IRIS Analytics, private company which specializes in analytics of real time for fight against fraud in the field of electronic payments.

According to the research conducted by experts of IBM Institute of Business Value, only 16% of banks can reveal fraud cases in real time. After detection and confirmation of new schemes of fraud more than four weeks for acceptance of the corresponding counter-measures are required, as a rule. [1] Improvement of the existing methods of identification of fraud restrains dependence on specialized "models of a black box" which are difficult for understanding, explaining and mastering. At the same time as a result of rapid innovative development of the industry of payments, emergence of new channels of transactions and expansion of use of the Chip&PIN smart cards swindlers much quicker, than earlier, develop new schemes and modify existing, and their actions become more and more technically sophisticated and organized.