Quova, Inc., the leading provider of IP Intelligence and Internet geolocation data and services, announced today its selection by CashEdge, a leading provider of online financial applications, to provide geolocation data for its risk management and compliance solutions.
Quova's technology will enable CashEdge to deliver the most powerful, real-time transaction monitoring capabilities in the market to help financial services companies enhance their compliance with USPA and FFIEC guidelines related to multi-layered authentication, increased enforceability of electronic transactions and protecting their customer accounts from fraudulent transactions.
"As the largest provider of online funds transfers and online account opening and funding, CashEdge is focused on risk management. We understand the importance of geolocation in preventing fraud, and are determined to offer our clients the most reliable information available. The quality of Quova's comprehensive geolocation database, the granularity of their information and the company's marquee customer list were key factors in our selection process," said Amir Sunderji, Vice President, Risk Management & Payment Services for CashEdge. "Building Quova's technology into our risk monitoring and compliance model will enhance our ability to detect fraud in real-time and give our clients immediate access to invaluable transaction origination details. Together our technologies will deliver tremendous value to our clients and make major strides in the prevention of online fraud."
Quova's patented IP Intelligence and Internet geolocation technology provides the geographic location and connection data of website visitors in real time. Leveraging an online customer's IP address, Quova is able to analyze and determine their identifying data elements. This information, which includes the time and location where a transaction was initiated, is a critical component for fraud detection and prevention, identifying such red flags as transactions initiated overseas or through anonymizing proxies.
"CashEdge is a leader in online financial services applications, and the integration of Quova's expertise into the CashEdge offering will produce a unique and powerful new solution for identity verification and fraud prevention," said Gary Jackson, COO of Quova. "We're pleased that CashEdge has chosen Quova as its geolocation provider, and we're excited about the impact our two industry-leading technology companies will have on this fast-growing marketplace."