Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that its enterprise-wide fraud monitoring and reporting efforts will be supported by solutions from Actimize, a NICE Company (NASDAQ: NICE).
Metavante Corporation plans to introduce Actimize's real-time, fraud prevention analytics solutions as one component in an enterprise-wide fraud prevention framework. The technology will first be available for its online bill pay solution with deployment to follow across other Metavante banking and payment solutions.
In its role as a broad-based payments and risk management provider, Metavante recognizes the tremendous benefits to clients made possible by applying fraud prevention analytics in a holistic manner. By monitoring for fraud across multiple Metavante financial and payment services, such as online bill pay and other banking transactions and applications, Actimize's analytics engine employs a "learning" functionality. Suspect transaction patterns discovered in one financial product line can enhance the fraud prevention rule set for all product lines. This better equips Metavante and its clients to more effectively prevent fraudulent transactions, while reducing the time spent on false positive transactions.
"Actimize's analytics technology and fraud prevention solutions are just one component of Metavante's vision for better fraud prevention achieved through a 360-degree fraud monitoring view of consumer financial services," said Frank D'Angelo, group president, Metavante Payment Solutions. "Metavante's enterprise-wide fraud monitoring vision allows us to better prevent fraudulent transactions, but equally as important, to recognize a pattern of fraud in bill pay, for example, and use the learning nature of our solution to assist in identifying fraud in other areas such as online banking and other payment channels."
Metavante's first deployment of the Actimize real-time analytics technology will be Metavante's online bill payment services. This will enhance the existing risk management processes Metavante already provides its client base. The benefits of this commitment to ever-improving levels for fraud monitoring and prevention include real-time monitoring across both "risk-based" and "good funds" model bill pay clients.
"Fraud prevention and deterrence is a critical priority for our clients. They seek solutions that move beyond the reactive fraud response and link to Metavante's enterprise risk management, regulatory compliance, and anti-money laundering solutions," said Gary Bakker, division president, Metavante Risk and Compliance Solutions. "Monitoring for fraud with a single, inter-connected view moves us toward providing fraud reporting to our clients in a single, enterprise-wide report covering all product lines."