JERSEY CITY, N.J., Oct. 28, 2013 (GLOBE NEWSWIRE) -- ACH Alert and Fundtech today announce 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 industry-leading capabilities that allow financial institutions to mitigate incoming ACH fraud and outgoing ACH and wire fraud for their customers. By providing these solutions, Fundtech enables financial institutions to comply with FFIEC guidance calling for layered security, with different controls at various points in a transaction process. Further, financial institutions are able to monetize 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 unauthorized ACH debits, and 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 unauthorized 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 Unauthorized 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 financial institutions are responsible for developing processes to detect suspicious fund transfer activity," says Deborah Peace, AAP, Chief Executive Officer, ACH Alert. "Since financial institutions must address fraud and regulatory compliance, the ability to provide value-added solutions that customers demand and then monetize these solutions, turns a burden into a benefit."
"Fundtech is excited to be able to offer ACH Alert's ACH and wire fraud solutions," says Mary Ellen Putnam, Executive Vice President, U.S. Payments Strategic Business Unit, Fundtech. "Fundtech can provide its customers with solutions that not only enable compliance, but can drive revenues."
About Fundtech
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, Fundtech's customers benefit from lower operating costs and an enhanced end-user experience through integrated and feature-rich solutions. The firm's major product lines include: 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. 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.