Under the terms of the deal, Fundtech will integrate its payment platforms PAYplus Connect and PAYplus US with Verafin’s enterprise FRAML solution. The integration will allow financial institutions to prevent wire fraud. Thus, users will be able 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’s FRAML solution uses artificial intelligence and behaviour pattern-based recognition to detect suspicious activity. Combining fraud detection and AML (FRAML) processes, the company’s solution alerts compliance officers and fraud professionals of suspicious behaviour and anomalies while improving investigations and satisfying compliance with BSA/AML regulations.
In recent news, Fundtech has launched the TotalTransact SuiteApp, built using US business management software developer NetSuite’s SuiteCloud Computing Platform.
For more information about Fundtech, please check out a detailed profile of this company in our dedicated, industry-specific online companies database.
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