RiskFinancial CrimeACH Alert and Fundtech Partner on Fraud Prevention

ACH Alert and Fundtech Partner on Fraud Prevention

ACH Alert and Fundtech have formed a partnership to make available ACH Alert’s suite of innovative, patented fraud mitigation solutions via Fundtech products.

ACH Alert’s suite of fraud mitigation solutions enhance Fundtech’s offerings with capabilities that allow financial institutions (FIs)to mitigate incoming automated clearing house (ACH) fraud and outgoing ACH and wire fraud for their customers.

The solutions enable FIs to comply with Federal Financial Institutions Examination Council (FFIEC) guidance calling for layered security, with different controls at various points in a transaction process. FIs can also monetise these services, by selling to their customers and members. ACH Alert’s fraud mitigation tools will be available to customers of the following Fundtech solutions:

  • CASHplus: Access to ACH Alert’s PRO-TECH solution to detect unauthorised ACH debits, and Credit Origination Positive-Pay Service (C.O.P.S.) to prevent corporate account takeover by validating credit transactions.
  • PAYplus USA and PAYplus Connect/GFX:To access BIO-WIRE to validate outgoing wire transactions to prevent corporate account takeover.
  • ACHplus: Access to PRO-TECH to detect unauthorised ACH credits, C.O.P.S. to prevent corporate account takeover by validating credit transactions, and ACH Dispute Xpress to securely transmit credentials to non-subscribing account holders to grant access to an electronic, pre-populated Written Statement of Unauthorised ACH Debit (or WSUD).
  • OrigiNET: Access to C.O.P.S. to prevent corporate account takeover by validating credit transactions

“FFIEC guidance is clear that FIs are responsible for developing processes to detect suspicious fund transfer activity,” said Deborah Peace, chief executive officer (CEO), ACH Alert. “Since FIs must address fraud and regulatory compliance, the ability to provide value-added solutions that customers demand and then monetise these solutions, turns a burden into a benefit.”

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