RiskFactor provides real-time automated fraud monitoring capabilities to lenders using proprietary technology and algorithms. The software is primarily geared towards commercial finance lending, including factoring, invoice discounting and other types of collateral and asset-based lending, and has also recently launched an application with relevance for wider business banking.
Fraud is an especially hot-topic within the retail and business banking sector, where increasing numbers of payments are made online and through multiple disparate channels (online, mobile, B2B, B2C). Regulation, operational risk management, big data trends and the commercial benefits of fraud prevention are driving demand for effective fraud detection in the sector.
Guy Wakeley, Chief Executive of Equiniti, said: “We are excited to be delivering on our growth strategy by enhancing our client offering capabilities with RiskFactor. This acquisition will increase our fraud prevention capability to help our customers reduce regulatory risk and improve operational efficiency, further demonstrating our position as a provider of innovative technology-led solutions. This acquisition presents an excellent cross-sales and growth platform and we look forward to working with our new colleagues to capitalise on this opportunity.”
Tim Yates, Managing Director of RiskFactor added: “We are delighted to join the Equiniti Group. It is a great opportunity for RiskFactor. It will enable us to further develop our technology to continue to meet the modern challenges of commercial finance and business banking. Joining a company with the scale and reputation of Equiniti will also allow us to take our product to a much wider range of clients than we have been able to previously.“.
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Notes to Editors
Equiniti is a specialist outsourcer delivering technology-enabled solutions to large enterprises. It processes £90bn in payments every year, handles 88 million documents and pays 20 per cent of pensioners in the UK. We are acknowledged leaders in many of our markets and keep things running smoothly for some of the UK's best-known brands and public sector organisations.
RiskFactor was launched in 1997 and serves a stable of international financial services clients, with its fraud protection and risk management software analysing tens of billions of $ of lending. Designed by professionals with a long track record of working within commercial finance, RiskFactor is driven by an understanding of the challenges users’ face on a daily basis.