Rackspace Technology and M1 Finance Accelerate Fraud Detection
September 18 2020 - 11:05AM
Rackspace Technology™ (NASDAQ: RXT), a leading end-to-end
multicloud technology solutions company, today announced it brought
expanded Amazon Web Services (AWS) capabilities to M1 Finance, a
Chicago-based online financial services company. This has
helped M1 Finance accelerate fraud detection and enable real-time
dynamic data querying through an efficient data pipeline.
M1 Finance offers an innovative money management application for
intelligent investors seeking access to features such as
automation, leverage investing and banking services, all wrapped
into one integrated solution. The company’s platform has
experienced significant growth, with over 200,000 accounts totaling
approximately $2 billion in assets and counting. To ensure a secure
user experience, M1 Finance aims to provide a seamless interface
with robust security and fraud detection.
With its rapid user growth, M1 Finance found it was collecting a
significantly higher volume of data from its internal systems than
what could fit in its existing data warehouse. Handling such high
data volumes could become costly with traditional data warehousing.
The company also had Java applications that accumulated data over
many years which could be highly useful for fraud analytics. This
data was trapped in the silos of legacy databases and Onica, a
Rackspace Technology company, provided a solution to query rapidly
moving high volume data from the existing system.
“Onica’s team really went above and beyond in ideating and
implementing the solution,” said Richard Whaling, Lead Data
Engineer at M1 Finance. “A great degree of passion and
craftsmanship was visible in the code style and design of the
implementation, which is rare to find in these kinds of engagements
and really awesome to work with.”
“Intelligent investors will benefit greatly from the data
analytics advances M1 Finance has made to accelerate its secure
processing of highly sensitive data,” said Tolga Tarhan, CTO,
Rackspace Technology. “We’re proud to partner with M1 Finance to
transition its legacy process and fully embrace intelligent
automation capabilities, delivering the most streamlined customer
experience through a near real-time solution.”
The new solution streamlined the process significantly,
automating what was previously done manually over multiple hours to
a practically real-time solution. The design of the solution
provides scalability, low cost, and integration with existing data
sets. The solution also offers superior flexibility, replacing the
process of having to queue tasks for an engineer with one
where data analysts can perform ad hoc dynamic queries. M1 Finance
business users now can build robust queries at scale and address
their multi-petabyte size data sources and return meaningful,
timely results. This provides a significant advantage in fraud
detection where every minute reduced in processing time can mean
proportionately higher success and improved security.
About Rackspace TechnologyRackspace Technology
is a leading end-to-end multicloud technology services company. We
can design, build and operate our customers’ cloud environments
across all major technology platforms, irrespective of technology
stack or deployment model. We partner with our customers at every
stage of their cloud journey, enabling them to modernize
applications, build new products and adopt innovative
technologies.
About M1 Finance Award-winning M1 helps people
manage and grow their money in easy, smart, automated ways – for
free – on one integrated, secure platform. By combining investing,
cash management, and portfolio lines of credit, M1 provides
hundreds of thousands of people with choice and control over their
money. M1 was named 2019 Best Robo-Advisor for Sophisticated
Investors and 2019 Best for Socially Responsible Investing by
Investopedia. For more information or to create an account, please
visit www.m1finance.com.
M1 Finance Disclosures
Brokerage products and services offered by M1 Finance LLC, an
SEC registered broker-dealer and Member FINRA / SIPC.
Investing in securities involves risks, including the risk of
loss.
Media ContactNatalie SilvaRackspace Corporate
Communicationspublicrelations@rackspace.com
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