Anti-money laundering solution provider Verafin announced on Monday a partnership with Fundtech to integrate its PAYplus payment platforms with Verafin’s FRAML solution, which allows financial institutions 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 advance,” Kenneth Kane, the senior vice president of business banking operations at Iowa-based bank holding firm Heartland Financial USA, said. “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.”
Fundtech’s PAYplus Connect and PAYplus USA will be integrated with Verafin’s fraud detection and anti-money laundering framework. The partnership will allow wires to be analyzed as they originate, alerts to be presented in a clear workflow and the fraud investigator to review the alert.
“The Fundtech partnership with Verafin is exciting for us to see,” Kane said. “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 Federal Financial Institutions Examination Council’s supplementary guidance on Internet Banking.”