Ekogenio Helps Financial Institutions Trace, Detect and Prevent Online Fraud with HP Vertica Software
HP Vertica processes structured and unstructured data from multiple sources in real time, enabling Ekogenio’s Iknoplex Online Fraud Manager (OFM) to detect fraudulent transactions quickly and accurately. As well as protecting customer information, HP Vertica compresses data so that it can be stored for up to ten years, helping financial institutions meet industry regulations such as the Basel II guidance on capital levels and risk management.
Part of the Integrare Group, Ekogenio specialises in scalable, responsive, secure software solutions for the highly regulated financial market. One of Ekogenio’s largest customers, the clearing house for more than 50 Italian regional banks, currently uses Iknoplex OFM to securely handle more than 1TB of data daily from millions of banking and credit card transactions.
“To support Iknoplex OFM, we needed a scalable analytics engine capable of processing huge amounts of data quickly and consistently,” says Franco Rasello, founder and CEO, Ekogenio. “I was happy that any problems we might face could be solved with HP Vertica. It provides the requisite performance, flexibility and responsiveness for real-time analytics without the need for huge servers or high-powered PCs. In addition, we avoided large upfront costs by using the half-a terabyte Community Edition to build our customer base before upgrading to the full Enterprise Edition which enables us to manage terabyte-sized data sets with response times of just a few seconds.”
Deployed at a customer’s premises, the Iknoplex platform runs on low-cost commodity servers using standard industry interfaces, with processing capability that scales linearly with cluster size. It prioritises event checks and can produce reports on-the-fly in response to customer requests. The ability of HP Vertica to analyse data without the need to re-aggregate it means that alerts and customised reports on all online data can be requested and delivered within seconds.
Italian banks are required to maintain records of all physical and electronic transactions, and make them available for inspection for two years. This equates to a highly complex, highly regulated environment with an emphasis on immediate access to accurate data. HP Vertica compresses data by a factor of at least four and by up to a factor of 80 depending on the data type. It also provides detailed control over where data is stored, with options to tier data between different storage devices, and to archive online data to offline storage.
“Organisations across the globe need to reduce costs and quickly turn data into business insight by scaling analytics at high speed,” says Guido Pezzin, HP. “Vertica provides real-time analytics for structured and unstructured data 50x to 1000x faster than legacy enterprise data warehouses.”
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