The integrated solution addresses the growing problem of fraudulent wires initiated across banking channels. With the new solution, financial institutions can reduce wire fraud risk, streamline wire processing operations and enhance customer service for wire transfers.
Online PR News – 05-June-2013 – Folsom/Calif. – Laru Technologies, the market leader in anomaly detection and risk management solutions for preventing banking fraud, and Fundtech, a market leader in global transaction banking solutions, announced today a partnership to deliver a new transaction fraud prevention solution for 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 transfers.
Fundtech’s PAYplus platforms – PAYplus Connect and PAYplus USA – integrate with Laru Technologies new Vision Wire Solution delivering financial institutions with automated risk management capabilities and a foundation for expediting safe wire transfers. This integrated solution delivers seamless fraud prevention as part of a streamlined workflow for managing wire transactions – clearing low-risk wires while isolating for manual review high-risk wires for investigation.
Delivering real-time, streamlined workflow for managing wire risk beyond OFAC checks, Laru Vision 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
Vision Wire is Laru Technologies latest solution and works in conjunction with the company’s existing ACH fraud and risk tools to detect in-channel and cross-channel fraud schemes. Laru Technologies solutions replace error-prone and costly manual analysis and intervention – such as verifying each transaction or managing false positive alerts based on traditional rules-based transaction monitoring solutions – allowing financial institutions to deploy scarce resources more efficiently.
Laru Technologies and Fundtech address a particularly vulnerable area in the payment processing system and provide financial institutions with a way 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 Laru Technologies
Laru Technologies is the pioneer provider of ACH –Wire transaction monitoring solutions putting financial institutions in control of their operations. Laru’s suites of affordable products are available through a traditional software license and a Software-as-a-Service (SaaS) contract. For more information call 888-527-8007 or visit us online at www.larutech.com.
For more information contact Rajiv Donde at 916-473-2120.