The ai Corporation re-approved for e-money licence by the Financial Conduct Authority (FCA)
Written on 25th, July 2018
- ai’s suite of payment and state of the art machine learning risk management solutions granted e-money licence
- The Royal Bank of Scotland (RBS) also re-approve ai for Money Services Business (MSB) status
Payment, fraud and risk management experts, The ai Corporation (ai) and its suite of payment and fraud prevention solutions, including machine learning risk management tools, have been re-approved for an e-money licence by the UK Financial Conduct Authority (FCA).
ai received formal approval for its e-money licence application from the FCA earlier this month, which will enable ai to provide fully FCA compliant financial services. The renewed licence means that the business will continue to be regulated as an Electronic Money Institution (EMI) and is fully compliant with the latest PSD2 (Revised Payment Service Directive) EU regulation. (December 2015).
The Royal Bank of Scotland (RBS) has also re-approved ai for its Money Services Business (MSB) status. RBS reconfirmed ai meet their MSB criteria, by reviewing the business’s regulation and security compliance practices and processes. The renewed MSB status allows ai to manage any EML monies outside of the regular banking practice. Ensuring any funds are ringfenced, offering complete banking protection to its clients and partners.
Dr Mark Goldspink, CEO of ai, says: “The new FCA and MSB licences mark a significant milestone for ai, ensuring we can offer a full range of payment solutions, across a wide variety of partner, globally. FCA and MSB approval is testament, not only to our robust security risk management tools and processes, but to the ongoing confidence our partners and the regulators have in ai as a regulated and well-managed business.”
ai’s solutions, including its “state of the art” machine learning/A. I, currently protect and enrich payments experiences for more than 100 banks, over three million multi-channel merchants and over 300 million consumer cardholders worldwide.
The ai Corporation Limited (ai) ai is trusted around the world for developing innovative technology that allows our customers to take control and grow profitably. Founded in 1998, we have a long track record of providing solutions to some of the world’s largest financial/payment institutions and international merchants. Our long-standing business partnerships are based on making things simple and providing self-service tools that allow our customers to take control. Through our relentless focus on these tools, we constantly strive to help our customers create highly profitable returns.
Take Control: Simply Stop Fraud. Today, our unique self-service fraud detection solutions are considered by many industry “thought leaders” to be the best in the world. Our solutions, including our new “state of the art” machine learning/A. I, 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 over 25 billion transactions and authorisations each year. These machine learning technologies are also flexible enough to be applied to other business processes that require detailed consumer insight for marketing or pricing.
Take Control: Simply Manage Omni-Channel Payments: In line with customer demand, and as the payment value chain continues to converge, ai is positioning itself to take advantage of the evolution of payments digitation, by exploiting our fraud and analytical capabilities. To support this ai’s payment gateway, issuing platform and European Money Licence, mean we can act as a payment facilitator for our business partners, allowing them the luxury of rapidly launching new alternative payment types into the market place. A truly end-to-end offering which uses “state of the art” machine learning to manage omni-channel payment transactions securely via a cloud-based platform.