Fundtech introduces PAYplus data monitoring module

Source: Fundtech

Fundtech (Nasdaq:FNDT), a market leader in global transaction banking solutions, today announced the introduction of PAYplus Data Monitoring Module, a fraud prevention system integrated into PAYplus USA that can identify and stop suspicious payment activity before the transaction is sent.

The rules-based system enables banks to customize triggers that fit each corporate customer's usage patterns, resulting in fewer errors and false positives.

Fraud is a growing problem for banks and their clients. In a recent survey of Fundtech customers, 53% said that fraud monitoring is their biggest challenge in payment processing, and according to a 2009 study done by AiteGroup, 49% of the banks surveyed said that they have seen an increase in losses associated with fraud since the beginning of the Financial Crisis.

"Hackers and criminals are utilizing increasingly sophisticated technology to penetrate the banking security infrastructure," commented Anthony Salamone, Vice President of US Payments for Fundtech. "As a result, we developed the PAYplus Data Monitoring Module so that our payments clients are better able to stop, identify and analyze suspicious activity prior to the transaction being sent."

With the PAYplus Data Monitoring Module, Fundtech clients are able to develop rules-based triggers based on data models associated with each customer's behavior and infrastructure (such as origination source of the transaction). When unusual activity is detected, the Module triggers an alert and holds the payment until a decision is made on the course of action to take.

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