Security and Compliance
PR Newswire | October 06, 2023
WorkFusion, a leading provider of AI digital workforce solutions for banking and financial services, today announced that it has rolled out its newest Digital Worker, Isaac, an AI Transaction Monitoring Investigator. Isaac assists with transaction monitoring (TM) alert management by using machine learning capabilities to work first-level alerts, auto-escalate alerts that are likely to require investigation, and auto-closes alerts that are non-suspicious with supporting narrative and documentation, allowing AML analysts to focus on the highest risk activity.
Transaction monitoring is required for anti-money laundering/countering the financing of terrorism (AML/CFT) programs globally and is a critical tool for fighting financial crime. However, it can be a difficult compliance obligation. Banks manually review millions of transaction monitoring alerts each month with most of those alerts being non-suspicious. Regardless, suspicious activity monitoring programs take a lot of time, require large teams of people, and cost a lot of money.
Transaction monitoring is a time-consuming and expensive, yet critical component of AML compliance, said Art Mueller, WorkFusion's Vice President of Financial Crime. Every day, teams of analysts within banks review large numbers of alerts associated with transactions, patterns or behaviors that flag as potentially suspicious for money laundering or other financial crime. Analysts must determine whether these alerts are false positives, which typically 90-95% are, or truly suspicious activity. Our new AI Digital Worker, Isaac, reduces the alert review burden by helping to identify which alerts need to be escalated for further review and auto-closes those that it deems as non-suspicious. Because Isaac creates an easy-to-read dossier with a supporting narrative and documentation, analysts move from authors of reports to editors – saving their time to work on higher-risk and higher value investigations.
Isaac's responsibilities as an AI Transaction Monitoring Investigator:
Picks up alerts generated from surveillance monitoring systems and then investigates and evaluates the activity.
Automates for L1 transaction monitoring alert reviews, collecting data and either closing non-suspicious alerts or escalating them to an investigator.
Creates a dossier of each decision supported by human-readable justification, supporting documentation, and a confidence threshold to maintain transparency for examiners and auditors.
Provides a consistent approach to alert review and investigation, as well as the quality of the alert narrative and supporting documentation.
Assists with common AML transaction monitoring scenarios that generate a high volume of alerts such as structuring, excessive funds transfers/movement of funds/patterns of funds transfers, unexpected account usage/behavior, high-risk factors, use of dormant accounts, and more.
Isaac is not a transaction monitoring tool and does not create alerts, rather, he works with leading transaction monitoring systems to help financial institutions manage TM alerts.
About WorkFusion
WorkFusion, Inc. is the creator of AI Digital Workers purpose-built for banking and financial services organizations. Its Digital Workers are true knowledge workers that effectively augment existing teams in functions like anti-money laundering (AML), sanctions, customer onboarding, Know Your Customer (KYC), and customer service. WorkFusion's digital workforce solutions help solve talent shortages, increase workforce capacity, save money, enhance employee and customer satisfaction, and ensure ongoing compliance. For more information visit workfusion.com.
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Payments
Solutions by Text | October 09, 2023
Solutions by Text (SBT) has officially unveiled the integration of embedded payment capabilities into its FinText platform. To facilitate the execution of these innovative text-based payments, the company has entered into a strategic collaboration with Nuvei Corporation.
The introduction of embedded payments by SBT simplifies the entire bill payment process within the text channel, encompassing the whole journey from initiating a payment to its completion. It will offer consumers a faster, more convenient and efficient transaction process in their preferred medium. Consumer finance companies will also enhance customer relationships and streamline billing and receivables management processes.
While talking about this, David Baxter, CEO of Solutions By Text, said that the announcement “represents a pivotal moment in SBT's mission to revolutionize the bill pay experience and signals our platform will continue to be at the forefront of consumer bill payment trends, as evidenced by Datos' market research."
[Source – Cision PR Newswire]
David Baxter further emphasized that embracing embedded payments over text means meeting and exceeding the evolving expectations of customers and their consumers, delivering an experience that drives results and sets the company on a path to continued growth and success in this dynamic market.
This launch will bring forth a host of enhancements, including enabling payments through simple keywords such as ‘Pay Now’ for expedited transactions, enhancing automated payment management by diminishing manual workloads and resource optimization and ensuring the security of customer data through secure tokenized PCI-compliant payments, thus bolstering the safeguarding of sensitive information. Additionally, it will facilitate regulatory compliance by leveraging FinText's pre-vetted, carrier-approved messaging templates, ensuring adherence to rigorous industry regulations.
About Solutions by Text
Solutions by Text, a pioneer in the FinText sector, enables consumer finance companies to engage, interact, and conduct transactions with their consumers in real time. Since its establishment, the company has offered compliance-focused conversational messaging solutions in the enterprise sector. Solutions by Text is committed to realizing its vision of introducing real-time payments to the text-based domain, fostering a seamless and persistent bill payment experience for businesses and their consumers.
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Payments
GlobeNewswire | September 27, 2023
Infinicept, a leading provider of embedded payments, and Datacap Systems, Inc., leading hardware and processor-agnostic omnichannel payments provider, today announced a partnership to provide coordinated support for vertical software companies on their embedded payments journeys.
Infinicept’s embedded payments platform, PayOps and Payfac as a Service, Launchpay, paired with Datacap’s Integrated Payment Solutions will provide significant value to ISVs seeking complementary embedded payments processing and gateway solutions.
Working with Datacap helps us to better serve our vertical software customers seeking to own their data and merchant experience. Like Infinicept, Datacap is vendor-agnostic. We are like-minded organizations committed to doing what’s right for the customer. It is our mission to set software companies on a clear path to growth with their payments strategy.
As software companies begin their embedded payments journey, working with both Infinicept and Datacap creates a cohesive end-to-end payments solution that drives efficiency and speed to market.
This partnership empowers ISV partners to take complete ownership over the merchant experience by delivering best-in-class onboarding, customer data management, payments integration, and product support to enable a seamless experience from start to finish, said George Hudock, Director of Business Development, Datacap. The combination of Datacap and Infinicept fosters a flexible and scalable alternative for ISVs interested in monetizing payments on their platform.
Infinicept is an innovator in embedded payments, empowering software companies to improve their customer experience and drive revenue. Infinicept’s newest solution for monetizing payments, Launchpay, enables customers to add payments to their business quickly without any upfront costs or development work. Customers own and control their program by managing pricing, marketing, sales, the merchant experience, and more, ultimately graduating to a payment facilitator when ready. Infinicept’s Payment Operations Platform (PayOps) allows companies to achieve the benefits of embedded payments without any trade-offs to maintain ownership of the payments product.
Datacap develops hardware and processor-agnostic payment solutions for any Point-of-Sale, regardless of industry vertical or operating system. Its industry-standard payment gateway solutions integrate with virtually every payment processor in North America and are utilized by hundreds of Point-of-Sale developers in North America in an array of vertical markets.
For more information visit: https://www.infinicept.com and/or https://www.datacapsystems.com.
About Infinicept
Infinicept is a provider of embedded payment solutions and services that help software companies gain the advantages of embedded payments, including increased revenue and more control of the merchant experience. More than 300 leading software companies, payment processors, sponsor banks, and others rely on Infinicept to help them transform to the new era of software-led payments. Winner of the Electronic Transaction Association Fintech Innovation in Payments Award, Infinicept is also a founding member of the Embedded Payments Bill of Rights (EPBOR).
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Security and Compliance
PR Newswire | September 29, 2023
Opus, a global leader in payment technology solutions, has concluded a strategic partnership with Checkmarx, an industry leader in providing application security testing. This dynamic collaboration underscores Opus's unwavering commitment to security in the financial sector and represents a significant leap toward delivering unparalleled protection for its global list of clients.
Opus recognizes the vital importance of inoculating financial applications against potential vulnerabilities and threats that loom large in the digital era. This partnership combines the technical expertise of Opus in developing differentiated payment offerings with Checkmarx's cutting-edge and comprehensive application security platform.
Referring to the pressing need for enhanced security measures in the payments arena, Opus CEO Praveen TM said, "In an environment rife with ever-evolving cyber threats, financial data security is imperative. Opus is on an unrelenting mission to fortify the payment ecosystem. Our partnership with Checkmarx marks a significant milestone in Opus's mission to continually push the envelope and advance the security of the entire payment ecosystem."
This partnership further strengthens Opus' positioning as a strategic enabler, empowering clients to seamlessly embrace DevSecOps with Checkmarx's application security platform. The integration will allow Opus privileged access to Checkmarx One's features and advancements, enabling proactive enhancements for its clients' systems. Through proper configuration and automation, Opus' client will be able to identify, prioritize and respond to threats and vulnerabilities based on their business impact.
With real-time payments coming to the fore, the role of a robust application security platform is critical. With Checkmarx by our side, we are poised to deliver state-of-the-art security solutions that safeguard the future of finance. Together, we will help organizations accelerate their digital transformation journeys while ensuring that security is embedded into every stage of their application development process, Praveen TM added.
About Opus Technologies (formerly Opus Consulting Solutions)
Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and FinTech to deliver unparalleled quality and value in their work.
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