Bahrain-based Arab Financial Services (AFS), a leading provider of electronic payment services, has signed a multi-year renewal agreement for RiskNet Issuer with The ai Corporation, a leader in fraud detection solutions.

RiskNet Issuer is an advanced multi-scheme fraud detection system that enables financial institutions to detect and minimise fraud for all types of payment cards including credit, debit, pre-paid and proprietary.

“We have been working with The ai Corporation since 2006, the signing of this renewal agreement further demonstrates our commitment to maintain our leadership position for the provision of payment card processing services,” said B Chandrasekhar, acting CEO at AFS.

“One of the key competitive advantages that AFS offers its customers is best-in-class technology complimented by the high quality service of skilled professional staff. The ai Corporation is working with many of the world’s leading financial institutions, they have excellent industry knowledge and we are leveraging this expertise to provide an unmatched service offering,” he added.

Mark Carter, CEO of The ai Corporation, said: “The combination of our global presence and strong region experience has enabled us to deliver powerful and innovative fraud management solutions based on the changing needs of payment card issuers in the Middle East.”

“These services help card processing companies and issuers to meet regulatory demands, improve bottom line results, enhance operations and achieve true competitive advantage.”

B Chandrasekhar continued: “We are really pleased to be continuing our relationship with The ai Corporation. The seamless integration of RiskNet with our card management system is a proven and reliable solution.”

“The extensive rule writing and unique parameter management capabilities which are unique to RiskNet, gives us the ability to create flexible custom rules for merchants, ATMs, countries and other entities in response to the varying fraud patterns,” he added. – TradeArabia News Service