CertaPay, a bank-backed system for delivering person-to-person payments to Canadian consumers, is licensing technology from ACI Worldwide to monitor transactions for fraudulent activity.
Under the agreement, ACI has developed an interface from its BASE24 e-payments processing software to CertaPay’s point-to-point, Internet payment platform. At the same time, CertaPay has licensed ACI’s Proactive Risk Manager software to monitor transactions within its new person-to-person e-mail money transfer service. The system identifies fraudulent behavior by comparing individual card and account usage with known patterns of fraud.
Certapay, a consortium of Canada's top four banks, expects to go live in the first quarter of 2002. The company will market P2P payment services to four million, or 80% of all Canadians banking online. Customers will be able to send money from their online bank account to any recipient using only an e-mail address. While e-mail is used to notify recipients of payment, the funds are actually transferred using existing payment clearing arrangements.
Michael Ginsberg, CertaPay’s CEO, says: “By working with ACI’s software, we will be able to track and review P2P transactions as they are processed. It adds an extra layer of security on top of what banks’ already offer - a rock-solid reputation for transaction integrity and peace of mind.”