26 April 2017
Visit EBAday.com

Verafin and Fundtech partner for real-time fraud prevention

20 May 2013  |  1582 views  |  0 Source: Verafin

With financial institutions from coast-to-coast struggling to protect themselves and their customers from the devastation of online fraud, banks and credit unions are increasingly turning to Verafin's proven real-time online fraud detection analytics.

Today, Verafin announced a partnership with Fundtech, a market leader in global transaction banking solutions, to integrate Fundtech's PAYplus payment platforms: PAYplus Connect & PAYplus USA with Verafin's enterprise FRAML solution. This integration of the leading funds transfer solution in the US and North America's most advanced behavior-based fraud detection and Anti-Money Laundering (AML) analytics gives financial institutions the power to prevent wire fraud in real time.

"When we started to look for fraud detection software, we wanted an innovative solution that helped us proactively protect our subsidiary banks from even the latest criminal advances. We did not want a point solution that gave us only one piece of the fraud puzzle. We needed technology with the flexibility to integrate with our existing systems; a solution that gave us breadth of functionality and a better view of customer activity across our enterprise," says Kenneth Kane, Senior Vice President, Business Banking Operations at Heartland Financial USA, Inc., a $4.9 billion multibank holding company headquartered in Dubuque, Iowa.

"The Fundtech partnership with Verafin is exciting for us to see. It makes Verafin an even stronger answer to cyber-criminal attacks. This is very important for us and is increasingly so as examiners and auditors at our banks progressively look to the FFIEC's supplementary guidance on Internet Banking," continued Kane.

Within Verafin's industry-leading FRAML solution, users gain the ability to streamline their wire fraud alert review process:

Wires are analyzed, as they originate, for anomalous customer behavior. High-risk wires generate risk-rated, evidence-supported alerts.
Alerts are presented in a clear visual workflow. High-risk wires are held as the fraud investigator reviews the alert.
The fraud investigator can use the wealth of customer data within Verafin to review the alert. If a problem with the activity is discovered, they have the powee power to reject the wire, preventing fraud loss and protecting the customer's account.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comFind out morevisit dh.com

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
17145 views 0 | 3 tweets | 14 linkedin
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
12076 views 0 | 7 tweets | 7 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11772 views comments | 31 tweets | 20 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9908 views comments | 35 tweets | 38 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
9002 views comments | 14 tweets | 15 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job