Fiserv CBS Worldwide, a business unit of Fiserv Inc. (Nasdaq:FISV), today announced a new strategic business alliance with eFunds ID Verification Solutions, a subsidiary of eFunds Corp.
This alliance enables Fiserv to help financial institutions guard against increasing fraudulent activity and identification theft in today's challenging business environment.
Fiserv is integrating the eFunds ID Verification solution, including watch list functionality, into its core platform, resulting in a seamless and fully compliant new account opening process. The application assists banks in their fight against money laundering and identity theft while helping them comply with sections 326 and 314(a) of the USA Patriot Act, as well as OFAC regulations. Financial institutions can complete in seconds an identity assessment of individuals by cross-referencing more than 23 billion records from multiple and independent data sources, including government watch lists.
"By integrating the eFunds ID Verification solution into our new account opening platforms, our customers will gain access to a market-leading solution that performs both ID verification and comprehensive watch list checking within a single, streamlined process in both real time and batch mode," said Virginia Garcia, global strategist for risk management and compliance at Fiserv CBS Worldwide. "Fiserv's CBS ID Verify solution will allow banks to comply with pressing regulatory mandates while delivering a seamless process experience and service excellence to their customers, thus delivering broader business value than mere compliance."
Rahul Gupta, president of eFunds U.S., said: "Once again, eFunds has earned the opportunity to broaden and deepen its business relationship with Fiserv through tight integration of our risk and fraud solutions to their leading core banking platforms. Our financial institution customers have expressed their desire for our companies to continue to enhance our integration within the new account enrollment process. Together, we are selling and delivering solutions that our customers require of us to help meet their business goals."