Digital Harbor and eFunds forge fraud management alliance

Source: Digital Harbor

Digital Harbor, a leading provider of risk and compliance solutions built on its composite application technology, announced today that it has formed a strategic alliance with eFunds Corporation, the company that delivers innovative payment processing and information intelligence solutions, to deliver fraud investigation solutions to the banking industry.

The cornerstone of the partnership is a jointly branded offering for fraud management which builds upon Digital Harbor's experience developing innovative risk and compliance solutions at top 30 financial institutions and eFunds' expertise at deploying data and decisioning solutions at 8,900 financial institutions worldwide.

The BITS Fraud Management forum and leading risk and compliance analysts including those from Gartner, Forrester, and TowerGroup have identified the need for an enterprise-level architecture for fraud management that allows institutions to manage fraud across multiple channels by better linking and using the information they already have.

To address these requirements, the partnership will focus on providing financial institutions a view of fraud at the customer level, spanning multiple product channels. Financial institutions will benefit from the partnership not only because it draws upon eFunds' expertise in the fraud marketplace, but because the Digital Harbor technology sits on top of any number of existing fraud transaction monitoring systems and core banking systems, allowing financial institutions to leverage the rich information and systems they already have in place to make more efficient and effective decisions about fraud.

"eFunds provides the deep domain expertise in the areas of fraud and risk management and the reach across a broad range of financial institutions to embed the best practices in the software that customers are seeking," said Austin Wells, Vice President of Product Management at Digital Harbor. "The joint offering does not just deliver a workflow for case management; it helps financial institutions integrate their existing information into a single view and provides rich investigative tools that allow them to make better, faster decisions about fraud."

"eFunds and Digital Harbor have proven successes at top tier financial institutions," said Kay Nichols, eFunds Executive Vice President of Strategy, Marketing, and Product Development. "Digital Harbor's composite application technology provides the modern integration, flexible workflow, and unique investigative capabilities required in a next-generation case management solution. Together with eFunds' know-how and business insight, we can change the landscape of the fraud marketplace."

The eFunds / Digital Harbor partnership to deliver fraud investigation and case management is one of several integrated risk and compliance solutions based on Digital Harbor's innovative platform for intelligent composite applications. The company works with partners to deliver a variety of applications targeted at financial institutions, including fraud, anti-money laundering, know your customer (KYC), and others.

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