With financial institutions from coast-to-coast struggling to protect themselves and their customers from the devastation of online fraud, banks and credit unions are increasingly turning to Verafin’s proven real-time online fraud detection analytics. Today, Verafin announced a partnership with Fundtech, a market leader in global transaction banking solutions, to integrate Fundtech’s PAYplus payment platforms: PAYplus Connect & PAYplus USA with Verafin’s enterprise FRAML solution. This integration of the leading funds transfer solution in the US and North America’s most advanced behavior-based fraud detection and Anti-Money Laundering (AML) analytics gives financial institutions the power to prevent wire fraud in real time.
“When we started to look for fraud detection software, we wanted an innovative solution that helped us proactively protect our subsidiary banks from even the latest criminal advances. We did not want a point solution that gave us only one piece of the fraud puzzle. We needed technology with the flexibility to integrate with our existing systems; a solution that gave us breadth of functionality and a better view of customer activity across our enterprise,” says Kenneth Kane, Senior Vice President, Business Banking Operations at Heartland Financial USA, Inc., a $4.9 billion multibank holding company headquartered in Dubuque, Iowa.
“The Fundtech partnership with Verafin is exciting for us to see. It makes Verafin an even stronger answer to cyber-criminal attacks. This is very important for us and is increasingly so as examiners and auditors at our banks progressively look to the FFIEC’s supplementary guidance on Internet Banking,” continued Kane.
Within Verafin’s industry-leading FRAML solution, users gain the ability to streamline their wire fraud alert review process:
Wires are analyzed, as they originate, for anomalous customer behavior. High-risk wires generate risk-rated, evidence-supported alerts.
Alerts are presented in a clear visual workflow. High-risk wires are held as the fraud investigator reviews the alert.
The fraud investigator can use the wealth of customer data within Verafin to review the alert. If a problem with the activity is discovered, they have the powee power to reject the wire, preventing fraud loss and protecting the customer’s account.