News release

Date: 1st July 2016

ai Corporation acquires PayVector

• PayVector gateway processes payments for 38,000 merchants & £2 billion transactions per year • Acquisition combines best-of-breed fraud prevention with multi-channel payment processing

PayVector gateway processes payments for 38,000 merchants & £2 billion transactions per year
Acquisition combines best-of-breed fraud prevention with multi-channel payment processing

Guildford, UK, 1st July 2016 - Guildford-based ai Corporation has acquired Iridium Corporation and its PayVector payment processing gateway for an undisclosed sum.

PayVector (www.payvector.co.uk) was founded in 2007 to offer a wide range of payment solutions using a next-generation processing platform, developed entirely in-house. PayVector supports all types of payments processing through multiple channels, including e-commerce, m-commerce, mail/telephone orders and cards. PayVector currently powers payment brands all over the world, including some of the largest payment providers in the UK. The system also services over 38,000 merchants of all sizes, processing £2 billion of transactions per year.

Robin Whitehead, director, PayVector, said, “The combination of the PayVector gateway and ai’s fraud detection system provides a compelling, integrated solution that will deliver a deeper experience for both merchants and partners, enabling them to do what they do best - run their businesses using the rich features of the payment platform, with the confidence that their transactions are protected by a best-of-breed fraud prevention system.”

Already fully integrated into the PayVector gateway, ai’s multi-dimensional fraud detection system is based on a self-service rules engine, acknowledged as one of the best in the world. It operates through user-defined rules and parameter mapping, supplemented by artificial intelligence and automated machine-learning techniques.

Mark Goldspink, chief executive officer, ai Corporation, said, “Although this is technically an acquisition, ai and PayVector have been moving closer together for many months. The addition of PayVector to our existing suite of fraud detection and prevention software has already received an enthusiastic reception from our customers.”

COMPANY OVERVIEW – The ai Corporation Limited (ai):

Pioneering intelligence from payments data

Founded in 1998, ai has a long and exciting heritage as one of the world’s leading companies in fraud and risk management.

Our unique solutions, including our new “state of the art” neural technology, protect and enrich payments experiences for more than 100 banks, over three million multi-channel merchants and over 300 million consumer cardholders. We also monitor in excess of 20 billion transactions and authorisations each year.

For over 20 years, ai has provided solutions to some of the world’s largest financial institutions, international merchants and other major payment service providers.

Today, our unique self-service fraud detection solutions are considered by many industry “thought leaders” to be the best in the world.

Trusted around the globe

ai has longstanding client partnerships all over the world, who enjoy outstanding products and services which are based on making things simple for them – they are truly self-service and easy to use. This means our customers can make decisions and implement them immediately, unlike many of our competitor’s products.

Innovation beyond fraud – reusable technology assets

ai’s “best of breed” solutions are designed to help our clients grow profitably. As well as optimise risk management, they are flexible enough to be applied to other business processes that require detailed consumer insight for marketing or pricing.

These innovative easy to use self-service/self-learning solutions have been deigned to help provide our customers with greater operational controls. By doing this we constantly strive to help our business partners create superior returns on their investments in our solutions.

At ai we provide innovative technology, to help you grow profitably.

END

For further information please contact:
Nick Walker
E nick.walker[at]aicorporation[dot]com
M +44(0) 7901 920573
T +44 (0) 1483 661243

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