An innovative payments company needed a state-of-the art fraud and anti-money laundering platform.
About
Volkswagen Payment develops and coordinates payment solutions for the Volkswagen Group brands and required a comprehensive fraud prevention and AML monitoring solution to safeguard its customers.
Company size
1,001 - 5,000 employees
Industry
Financial Services
Location
EMEA
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Volkswagen Payments S.A., based in Luxembourg, is a wholly owned subsidiary of Volkswagen Financial Services AG and was founded in 2017 as an Electronic Money Institution (EMI). The company develops and coordinates payment solutions for the Volkswagen Group brands and manages the global payment activities of Volkswagen Financial Services. Its aim is to create a uniform, digital ecosystem for payment services within the Volkswagen Group.
The challenge
The company was seeking a fraud prevention and Anti-Money Laundering (AML) monitoring solution, which would both safeguard customers from fraud and ensure that Volkswagen Payments could meet its regulatory compliance obligations. The solution would need to interface seamlessly with multiple Volkswagen systems and be able to grow as Volkswagen Payments digital ecosystem is deployed across the Group.
GBG Predator is a transaction pattern prevention solution supporting fraud prevention and AML monitoring, as well as Counter-Terrorism Financing (CTF) compliance.
The solution
Volkswagen Payments selected GBG Predator after a comprehensive market evaluation. GBG Predator is a transaction pattern prevention solution supporting fraud prevention and AML monitoring, as well as Counter-Terrorism Financing (CTF) compliance.
GBG Predator processes and inspects transactions from the Volkswagen group against processing structures defined by Volkswagen Payments. Transactions can be monetary movement, user activity and behaviour, or any quantifiable information set. The solution can be used to detect defined behaviours, alert organisations of the behaviour, and then allow the transactions to be reviewed and actioned. Predator can also help organisations comply with local and international information processing standards.
The solution provides the following functionality to Volkswagen Payments:
- Monitoring of end-user and merchant non-financial transactions stemming from internet, mobile activities related to wallet / non-wallet account data maintenance
- Monitoring of incoming, outgoing and internal financial transactions arising from internet, mobile and back-office group channels
- The implementation of fraud and AML rules, including the ability to add existing new rules, change or remove existing rules, and to include customised rules specific to Volkswagen Payments requirements
- The ability to change and maintain adverse lists (watchlists, whitelists, blacklists), country and currency lists
- The ability to search for transactions and to create reports against an extensive list of user-defined parameters
- The creation and management of cases of suspected fraud and suspicious transactions, through GBG Predator’s case management module.
The outcome
GBG Predator has enabled Volkswagen Payments to achieve several benefits across its fraud prevention and AML monitoring activities. These include:
- Monitoring non-financial transaction types for end users and merchants using highly customisable rules and workflow management
- Monitoring financial transactions across a wide range of internet, mobile and back - office payment channels
- Investigating suspicious transactions using GBG Predator’s case management module
- Meeting regulatory compliance and reporting obligations for Know Your Customer, AML and CTF checks
- Providing a key platform to enable Volkswagen Payments to achieve its aim of providing an innovative, digital ecosystem across the Volkswagen group.
