Bottomline will start offering cyber fraud and risk management solutions. The Intellinx solutions create accountability by recording and analyzing each keystroke and screen view, reducing the risk of theft, information leakage, internal fraud and payments fraud, as well as decreasing the cost of regulatory compliance. Case management capabilities centralize risk management, speed investigations, and facilitate compliance with regulations pertaining to Anti Money Laundering (AML), the Health Insurance Portability and Accountability Act (HIPAA), and Know Your Customer (KYC).
The fraud detection and prevention market is estimated at USD 17 billion annually and is projected to grow to USD 35 billion by 2019, representing a compound annual growth rate of 20%, according to research conducted by Gartner Consulting.
The Association of Certified Fraud Examiners (ACFE) also estimates a USD 3.7 trillion annual global occupational fraud loss, 78% of which was committed by employees. Over 80 million personal records in the US were breached in 2014, and 40% of US healthcare organizations have reported criminal data attacks or leaks, up 100% since 2010.
Bottomline Technologies provides cloud-based payment, invoice and banking solutions to corporations, financial institutions and banks around the world. The company’s solutions are set to automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents.
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