ReD plans to introduce its fraud prevention services in Latin America and the Caribbean, two growing card payments markets that are undergoing migration to EMV smart cards.
London-based ReD, formerly known as Retail Decisions, has signed an agreement with Jacksonville, Fla.-based payments technology provider Fidelity National Information Services to serve those regions, the companies announced April 3.
The EMV migration replaces current mag-stripe cards with chip-based cards, improving protections against fraud and bringing the Latin American payments market in line with most others.
ReD will introduce its Prism transaction monitoring and risk management software for current FIS clients in the region, using neural and rules-based technologies to provide real-time and near real-time decisions on fraud risk, the company states in a press release.
Prism operates for all card types in card-not-present or card-present transactions, supporting chip-and-signature and chip-and-PIN payments, ReD states.
FIS has a strong base of clients across the Latin America and Caribbean region, and expects strong growth in card payments over the next few years, Marcelo Annarumma, managing director of Latin America and Caribbean for FIS, states in the release.
"The changes associated with the implementation of EMV and an increasing focus on e-commerce will bring significant challenges for card issuers, acquirers and retailers," Annarumma says.
ReD operates independently of any card schemes, while providing transaction protection based on data pooled from more than 190 countries, the company states.
ReD has been investing in business development activities to take its fraud prevention technology into Latin America, Manish Patel, regional president of ReD, states in the release.
"We have an excellent existing relationship with FIS and their strength in the region made them the logical choice [as a partner]," Patel says.