Guardian Analytics And Fundtech Announce Partnership to Deliver Industry's First Behavior-Based, Real-Time Fraud Prevention Solution
Integrated solution addresses the growing problem of fraudulent wires initiated across banking channels
SAN DIEGO, April 22, 2013 /PRNewswire/ -- NACHA PAYMENTS 2013 -- Guardian Analytics, the market leader in behavior-based anomaly detection solutions for preventing banking fraud, and Fundtech, a market leader in global transaction banking solutions, today announced a partnership to deliver the industry's first behavior-based fraud prevention solution for real-time wire processing. The integrated solution addresses the growing problem of fraudulent wires initiated across banking channels - call center, fax, branch, email and online. With the new solution, financial institutions can reduce wire fraud risk, streamline wire processing operations and enhance customer service levels for wire payments.
The new market offering--FraudMAP® Wire for PAYplus®-- integrates Guardian Analytics' FraudMAP Wire solution with Fundtech's payment platforms: PAYplus USA & PAYplus Connect. By combining proven behavioral analytics and intervention capabilities with real-time wire transaction processing, the joint solution delivers accurate fraud prevention as part of a streamlined workflow for managing wire transactions--automatically releasing low-risk wires while holding high-risk wires for investigation.
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"Wire transactions are a favorite target for criminals because of the growing volumes and the near real-time nature of processing wire transactions,"
commented Fundtech's Senior Vice President, US Payments Product Management, Tony Salamone. "By integrating FraudMAP and the PAYplus platforms, financial institutions now have critical automated risk management capabilities and a foundation for expedited wire payments."
Delivering real-time, streamlined workflow for managing wire risk beyond OFAC checks, FraudMAP Wire for PAYplus automatically:
-- Receives all wire transactions from the PAYplus systems for risk scoring
- regardless of origin (call center, fax, branch, email and online)
-- In real-time, analyzes each transaction across a wide range of potential
risk factors for any anomalies in originator behavior
-- Releases low-risk wires for payment and intervenes and holds high-risk
ones for investigation
FraudMAP Wire is powered by Guardian Analytics' proven and patented Dynamic Account Modeling(TM) technology that uses individual behavioral analytics to identify anomalous wire activity and determine wire risk. The solution eliminates the need for manual analysis and intervention--such as verifying each wire transaction or managing false positive alerts based on traditional rules-based transaction monitoring solutions--allowing financial institutions to deploy their limited resources more efficiently.
"Guardian Analytics has successfully applied automation and behavior-based analytics to defeat fraud across a variety of banking channels and payment types for hundreds of banks and credit unions," said the company's Founder and Vice President of Products and Services, Craig Priess. "This pre-integrated solution addresses a particularly vulnerable link in the payment processing system and provides financial institutions a new and innovative approach to defend against the diversity of wire fraud threats."
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, our clients benefit from lower operating costs and an enhanced end-user experience through our integrated and feature-rich solutions. Our major product lines are:
global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. We also operate one of the world's largest services bureaus. Thousands of financial institutions and companies worldwide rely on Fundtech's innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.
About Guardian Analytics
Guardian Analytics is the pioneer and leading provider of behavior-based anomaly detection solutions for preventing banking fraud. With over 250 customers, more financial institutions trust Guardian's SaaS solutions to protect their clients'
assets and conform to FFIEC expectations for anomaly detection than any other solution. Based in Mountain View, Calif., Guardian Analytics is privately held with venture funding from Foundation Capital, Sutter Hill Ventures, Split Rock Partners, Triangle Peak Partners, and Costanoa Venture Capital. For more information, please visit www.GuardianAnalytics.com.