MIAMI--(BUSINESS WIRE)--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.
“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”
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 power to reject the wire, preventing fraud loss and protecting the customer’s account.
Verafin is a leader in enterprise fraud detection and anti-money laundering solutions (FRAML) for financial institutions across North America. Its software utilizes advanced behavior-based analytics that allow banks and credit unions to stay a step ahead of cutting-edge fraud trends and the BSA, USA PATRIOT Act, and FACTA compliance landscape. Verafin is the exclusive provider of fraud detection and BSA/AML software for the California Bankers Association, Florida Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and has industry endorsements covering 44 states across the U.S. For more information, visit www.verafin.com, email FRAML@verafin.com or call 1-866-781-8433.
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. (NASDAQ: HTLF) is a $4.9 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 67 banking locations in 46 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota and loan production offices in California, Nevada, Wyoming, Idaho and North Dakota. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.
Fundtech is a leading provider of financial technology to banks and corporations of all sizes around the world. Founded in 1993, Fundtech was acquired by GTCR, a Chicago-based private equity firm. Major product lines are: payments and liquidity management; cash management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway products and mobile banking products. The company sells these systems through either a traditional software license or through a Software-as-a-Service (SaaS) contract. Fundtech operates one of the world’s largest services bureaus called Fundtech Connect, which addresses the unique needs of the financial services industry. Thousands of financial institutions and companies around the world rely on Fundtech’s innovation to improve operational efficiency, increase revenues, and to provide greater competitiveness through business-to-business services. For more information please visit www.fundtech.com.
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