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 power to reject the wire, preventing fraud
loss and protecting the customer’s account.
About Verafin
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.
About Fundtech
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.
© 2013 Verafin Inc. All rights reserved.