Bleckwen, a provider of real-time analytics software for fraud detection & prevention in payments, has come out of stealth to announce a $10 million first funding round. The funding will be used to support Bleckwen’s international expansion and the continued development of the company’s exciting software capabilities in AI-based fraud detection. The company’s expertise is strategically focused on the wider anti-money laundering (AML) and counter-terrorism financing (CTF) context. Bleckwen recently spun-off from Ercom, the French cybersecurity firm. The round was led by Ring Capital, a Paris-based venture capital firm and existing investors, including TempoCap, Bpifrance and Ineo, alongside senior management.
Built with banks, for banks, Bleckwen’s real-time, dynamic behavioural analytics & explainable AI-engine is well placed to detect the surging fraud threats in payments, such as authorised push payment fraud or the “human hack” which is growing by circa 60% year-on-year, driven by the surge in real-time payment networks globally. The platform also protects banks from the emergent risks of open banking under PSD2, where banks will no longer have full control of the end-to-end user experience and security perimeter, presenting a completely new threat dimension.
Over the last year, the company has also strengthened its management team with the hire of David Christie, a 20-year veteran in financial services, previously the COO of Euronet’s money transfer business, which included the brands Ria, HiFX and XE. David is also Chairman of VitessePSP and investor in Shieldpay, bringing with him a wealth of experience implementing and operating both fraud and AML systems in payment businesses.
David is also joined by Matt Knowles, who was recently appointed Chairman of Bleckwen. Matt was previously CEO of HiFX, and together he and David successfully scaled HiFX into a world leading international payments company prior to its successful sale to Euronet.
David Christie, Bleckwen’s CEO, commented: “Nearly $4 trillion is stolen and laundered through banks annually – circa 3% of global GDP. Existing technologies are just not cutting it in the fight against this scourge of society. Something else needs to be done and at Bleckwen, we have made tremendous progress over the last two years as part of the Ercom Group, developing solutions to bring the fight to these criminals.”
“This fundraising is confirmation of our ‘scale-up readiness’ and the support from Ring Capital and our existing investors is testament to our expertise in productising class-leading AI-based analytics in the fight against financial crime for banks. Using Bleckwen’s software, we are seeing false positive ratios drop by over 95%, the time taken to resolve alerts fall by over 50%, and a reduction in fraud loss ratios by over 60% – as compared with incumbent legacy-based rules systems.”
“Working very closely with our customers, which include a tier-1 global bank, we have developed a market-leading, payment-type agnostic, real-time capability to meet their fraud detection and prevention requirements at industrial scale. Bleckwen’s software can also dynamically adapt to ever-changing customer behaviours and profiles. We have also significantly strengthened our senior management team and operational infrastructure and will be opening offices in the UK and the US in 2019.”
Matt Knowles, TempoCap Partner and Bleckwen Chairman, commented: “Having co-founded and scaled an international payments company that processed $20 billion annually, I have extensive real-world experience of the challenges faced by both fintechs and banks in of the domain of fraud detection and AML. I have been deeply impressed by Bleckwen’s advanced use of machine learning technology to radically increase fraud detection over current solutions, but, as importantly, substantially reduce the volume of false positives (which build friction and cost into the customer journey). We see significant potential to commercialise this technology across banks, fintechs & other multi-national enterprises to help combat fraud and AML risk across all payment types.”
Nicolas Celier, co-founder of Ring capital, commented: “Bleckwen has appeared to us as the unique combination of state-of-the-art AI technology, built by a leading French data team, together with top international management with a solid track record of scaling up Fintech companies worldwide. Ring knew Bleckwen before the spin-off and has contributed to design this deal in order to help Bleckwen grow and scale.”
Thierry Sommelet, Managing Director at Bpifrance Growth Capital – Head of Technology, Media, Telecom, said: “Bleckwen is uniquely positioned to help the fast-moving payments ecosystem improve clients’ protection and transaction efficiency, thanks to a leading-edge AI technology and experienced management. We are very happy to see David Christie and Matt Knowles join this adventure, as well as Ring Capital. We are confident that they will collectively thrive in driving the company on its new phase of growth.”
Bleckwen was recently awarded Fintech of the year at the EBAday 2019, an event run by the Euro Banking Association – an expert-led forum for the European payments industry with nearly200 member banks. Selected out of a category of 16 other finalists, the company received the prestigious award based on the innovative and dynamic nature of its market-leading AI-powered platform.
Bright Pattern Announces AI-Powered Omnichannel Quality Management Solution
Bright Pattern, the most powerful cloud contact center with AI for innovative companies, today announced the release of Bright Pattern Omnichannel Quality Management (Omni QM). Omni QM is embedded in the Bright Pattern Omnichannel platform, and allows quality management on all channels in a single interface. This eliminates the need for costly integrations, improves useability and manageability, and drastically reduces costs all while delivering unparalleled functionality. Bright Pattern is the first to deliver the power of easy, personal omnichannel conversations together with omnichannel quality management.
Most companies only monitor their voice channel, sampling a very small percentage of interactions. Bright Pattern Omni QM is built for a digital world with quality assurance for new digital channels like chat, text, bots, or messengers. Omni QM is native to the platform and does not require expensive bolt-on systems.
Industry analysts from Forrester have cited the importance of AI and its future evolution as part of the customer experience platform, and in response Bright Pattern has embedded omnichannel quality management directly into its omnichannel contact center platform: “Increasingly, artificial intelligence will become embedded in contact center applications, leading to the emergence of a cognitive contact center,” noted Art Schoeller, Vice President and Principal Analyst of Forrester Research.
Bright Pattern’s Omni QM provides unique functionality for today’s digital world including:
- Omnichannel quality management to monitor every interaction on every channel
- “Micro-level” quality monitoring for the scoring and grading of individual interactions
- “Macro-level” quality management to monitor by channel, journey type, and customer segment
- AI-powered quality management for automatically identifying key interactions to “act in-the-moment”
- Automatically detect and route interactions to quality managers for scoring and training
- Automatically detect and route poor interactions to retention specialists to resolve customer issues in-the-moment
We created Bright Pattern to offer the easiest, most powerful cloud contact center platform for businesses of every size.”, noted Konstantin Kishinsky, Founder and CTO of Bright Pattern. “Just as we were the first to natively include all channels in a single platform to make seamless omnichannel conversations possible, we are now the only cloud contact center provider to offer omnichannel quality management for every channel and every interaction as part of our platform.”
SOURCE Bright Pattern
Volumetric Display Market Size Worth $705.9 Million by 2025 | CAGR: 28.5%: Grand View Research, Inc.
The global volumetric display market size is expected to reach USD 705.9 million by 2025, registering a CAGR of 28.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Several in-built features such as visualization of holographic aerial images in free space, 360-degree spherical viewing angle, autostereoscopic capabilities, and motion-based depth cues are likely to drive the market over the forecast period.
Volumetric displays are widely preferred across several industries such as military and defense, healthcare, media, communication, entertainment, and aerospace owing to their built-in features. Massive investments in R&D by prominent market players such as LightSpace Technologies Inc. are estimated to create a significant opportunity for players to gain a substantial market share over the coming years. Moreover, these investments are majorly focused on improving overall in-built features of volumetric displays, which will cater to growing consumer demand for enhanced visual experiences during gaming and other applications. Robust deployment of 5G network infrastructure is further anticipated to spur the adoption of volumetric displays to provide seamless connectivity and enhanced experience to customers during video calls.
Key suggestions from the report:
- By type, the static volume segment captured the major market share in 2018 owing to its features such as aerial images in free space, 360-degree spherical viewing angle, and motion-based depth cues
- The swept volume segment is expected to witness rapid growth owing to significant investments by market players to develop advanced products within this category
- In 2018, the medical segment attained a market size of around USD 50.0 million and is estimated to register substantial growth owing to increasing adoption of this technology in healthcare for viewing 3D imaging by extracting stored data from Magnetic resonance imaging (MRI), Computed tomography (CT), and other systems
- North America accounted for the largest share in the global volumetric display market and is anticipated to exhibit the highest CAGR of more than 30.0% over the forecast period. The growth is due to rapidly increasing defense and healthcare spending to deploy modern technologies to obtain improved visualization during critical situations
- Companies are aggressively investing in R&D to develop new products with enhanced features to strengthen their market position and enhance their product portfolio
- Key players in the market include Lightspace Technologies Inc.; Voxon Photonics Pty Ltd.; The Coretec Group Inc.; and Holoxica Ltd.
Read 90 page research report with ToC on “Volumetric Display Market Size, Share & Trends Analysis Report By Display Type (Static Volume, Swept Volume), By End Use (Medical, Aerospace & Defense, Automotive), By Region, And Segment Forecasts, 2019 – 2025” at:
Advances in medical imaging technologies for more accurate diagnosis is expected to offer avenues for the market from 2019 to 2025. Use of volumetric displays in medical imaging applications to create real-time visualization of medical images enables a comprehensive acceptance of the technology across the industry. These are also used in several defense applications, such as visual representation of data related to situational awareness across the sea, space, land, and cyber space during simulation and training. Rapidly increasing defense spending for technological advancements in key countries such as U.S. and China, is also expected to propel the market growth over the forecast period.
Additionally, key market players are focusing on establishing partnerships and agreements with investors in order to raise funding to expand their market presence. However, high manufacturing costs owing to the intricate design of the product is expected to hinder the overall market growth in the coming years.
Grand View Research has segmented the global volumetric display market based on display type, end use, and region:
- Volumetric Display Type Outlook (Revenue, USD Million, 2015 – 2025)
- Static Volume Display
- Swept Volume Display
- Volumetric Display End-use Outlook (Revenue, USD Million, 2015 – 2025)
- Aerospace & Defence
- Media, Communication, & Entertainment
- Education & Training
- Others (Oil & Gas, Mining, etc.)
- Volumetric Display Regional Outlook (Revenue, USD Million, 2015 – 2025)
- North America
- Asia Pacific
- South Korea
- Rest of the World
- North America
Find more research reports on Display Technologies Industry, by Grand View Research:
- Quantum Dot (QD) Display Market – Increasing demand for optimized display devices with better resolution quality and performance has driven the adoption of QD technology across various consumer electronics application areas.
- Outdoor LED Display Market – Increasing demand for better resolution and affordable solutions is expected to drive the industry over the forecast period. The industry is characterized by rising trend towards interactive media.
- Head-Up Display Market – Number of shipments of Head-Up Display (HUD) in 2016 was estimated to 3.75 Million units and is expected to witness a significant increase in terms of volume over the forecast period.
SOURCE Grand View Research, Inc.
Minister Bains announces new cybersecurity centre to help protect Canadians online
Digital technologies are integral to our daily lives. By 2025, there will be 75 billion connected devices around the world. Canadians must be able to trust that their data and privacy are protected online.
Today, while at the World Economic Forum Annual Meeting in Davos, Switzerland, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, met with Ajay Banga, CEO of Mastercard. They announced a $510-million investment by Mastercard to establish the new global Intelligence and Cyber Centre in Vancouver, British Columbia (of which $420 million is eligible under the Strategic Innovation Fund). The Government of Canada is investing $49 million to support this project. In addition to raising Canada’s stature as a leader in cybersecurity, the project will support 380 jobs and enable the creation of 100 new co-op positions.
The centre will focus on creating technologies and standards to ensure that Canadians and others around the world can safely use any device that could be connected to the Internet—phone, tablet, computer, vehicle—without concern that their personal and financial information could be stolen.
In collaboration with universities, businesses and the public sector, the centre will also create software tools that enable organizations of all sizes to build and integrate cybersecurity technologies more efficiently into their operations.
“As Canadians use connected devices more and more, including for sensitive financial services like banking, they want to know that their data and privacy are protected. Our government is investing in a new cybersecurity centre in Canada to develop the technology solutions Canadians and people all over the world need to protect their personal and financial information when they use their devices. This will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada—an estimated $3 billion a year.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Industry
“Ensuring payments are both convenient and secure has always been a top priority for Mastercard. We have a proud history of innovation in Canada, and we appreciate the support from the Canadian government as we deliver on a commitment to lead in digital security. Our new Intelligence and Cyber Centre in Vancouver will help meet the growing demand for technology solutions to reduce the cost of cyberattacks, enable today’s connected devices to become tomorrow’s secure payment devices, and address the growing vulnerabilities associated with the Internet of Things. These innovations will benefit consumers and businesses in Canada and around the world.”
– Sasha Krstic, President of Mastercard in Canada
- Mastercard is a technology company in the global payments industry. Mastercard Technologies Canada, formerly NuData Security Inc., is a financial technology company and a subsidiary of Mastercard Incorporated. This expansion is the latest in a series of investments by Mastercard in Canada, reinforcing the company’s commitment to supporting Canadian innovation and technology talent.
- The new centre will build on NuData Security and complement Mastercard’s Canadian headquarters in Toronto. This project aligns with the Government of Canada’s National Cyber Security Strategy—a roadmap for Canada’s path forward on cybersecurity—and with the recommendations of the Economic Strategy Table on Digital Industries.
- The investment in Mastercard’s global cybersecurity centre in Vancouver is made through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy.
- In addition to creating and maintaining a total of 380 jobs, this project will enable the creation of 100 student co-op positions.
- In addition to the Strategic Innovation Fund, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada’s economy. With its simple, story-based user interface, the Innovation Canada platform can match businesses with the most fitting programs and services in about two minutes.
SOURCE Innovation, Science and Economic Development Canada
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