Barclays to use HNC solution to combat merchant fraud.SAN DIEGO--(BUSINESS WIRE)--Feb. 3, 1997--HNC Software Inc. today announced that Barclays Merchant Services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or , the largest merchant acquirer in the United Kingdom, has signed a seven-year agreement to use HNC's Eagle(TM) Merchant Risk Management System to automate the merchant portfolio review process at Barclays Merchant Services. Eagle is based on proven, leading-edge, client/server technology that incorporates neural networks and a rules engine to identify risky merchants and minimize the risk of unpaid chargebacks for acquiring banks. In addition to ongoing risk assessment, the Eagle system can significantly increase the productivity of portfolio analysts by providing all the information they need to perform merchant analysis on a PC-based workstation with a graphical user interface graphical user interface (GUI) Computer display format that allows the user to select commands, call up files, start programs, and do other routine tasks by using a mouse to point to pictorial symbols (icons) or lists of menu choices on the screen as opposed to having to . Eagle also will be used by Barclays to complement its in-house merchant recruitment system. "Eagle fits well into Barclays Merchant Services' strategy to employ state-of-the-art technology to combat fraud," said Robert East, Barclays Merchant Services director. "Our extensive review of the Eagle architecture and automation and decision-support methodology gives us confidence that the system can help Barclays Merchant Services quickly adapt to changing trends in the acquiring environment." Tony Mooney Tony Mooney is an Australian politician and is currently the mayor of the City of Townsville, Queensland. Overview Cr. Tony Mooney was first elected as Mayor in 1989 when he succeeded Mike Reynolds. , head of Merchant Risk at Barclays Merchant Services, added, "We have high hopes that the flexible, interactive user environment will aid our productivity and provide a better focus on fraudulent activity." Performing audits and investigating chargebacks by traditional, paper-based means is time-consuming and labor-intensive. Much of the merchant analysts' time is spent sorting through information to determine which accounts to review. Such process inefficiencies mean many late hours for the analysts to ensure that problems are not discovered too late to take remedial action. Eagle solves these problems by storing merchant information in a relational database for easy access and providing powerful computational intelligence for data analysis. According to Diane Morgan, HNC (HNC Software Inc., San Diego, CA) A software company that specialized in products that detect credit card fraud, manage merchant risk, automate lending decisions and home valuations and manage retail inventories. Founded in 1986 by Robert Hecht-Nielsen and Todd W. vice president of International Operations: "HNC is extremely gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that Eagle has been selected to be part of Barclays Merchant Services' advanced merchant portfolio management system. With their expertise in the field of fraud there couldn't be a better proving ground for our technology." Barclays Merchant Services is the United Kingdom's largest acquirer and processor of plastic card transactions. Based in Northampton, it employs 1,260 people and has a turnover of over 29 billion Pounds Sterling. In 1996, over 742 million purchases were made with credit and debit cards in retail outlets belonging to Barclays Merchant Services' 125,000 retail customers in the United Kingdom. Barclays Merchant Services operates the largest on-line, real-time bank-owned EFTPOS EFTPOS - Electronic Funds Transfer Point of Sale (Electronic Funds Transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. at the Point Of Sale) system in the United Kingdom with a PDQ (Parallel Data Query) A query optimized for massively parallel processors (MPPs). The software breaks down the query into pieces so that several parts of the database can be searched simultaneously. See SMP. terminal base of almost 88,000. Headquartered in San Diego, HNC Software Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :HNCS HNCS Host Naval Computer System HNCS Host Navy Combat Systems ) is a leader in the application of neural network technology in client/server environments. The company develops, markets, integrates and supports advanced decision software based on computational intelligence. HNC provides practical solutions in the areas of electronic payments, financial services, retail, educational publishing, direct marketing and market research. For more information, contact Patsy Campbell, director of marketing, HNC Software Inc., 5930 Cornerstone Court West, San Diego, Calif. 92121; 619/546-8877. CONTACT: HNC Software Inc., San Diego Patricia Campbell, 619/546-8877 |
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