The dynamic nature of faster payments and advent of new technologies driven by FinTech have been creating disruptions in the payment landscape. With innovative technology reshaping the payment ecosystem, financial institutions have witnessed rising incidents of financial crime and new threats in form of illegitimate cross border transactions.
Same Day ACH, ongoing EMV compliance and other innovations have shuffled fraud liabilities & opened new regulatory challenges, leading to a bigger propensity of payment fraud. This wind of change in the payments world has surged the need for robust end-to-end risk management.
Modern Payment Solutions Providing New Opportunities
Payment service providers are waking up to the possibilities of monetizing the data. Majority of them are morphing into data analytics solutions that are powerful and capable of detecting fraud in real time. Additionally, stringent compliance requirements have driven the demand of adopting futuristic anti-money laundering (AML) solutions.
Quatrro Processing Forges a Strategic Alliance to Gain Access to Innovative Solutions
To combat with growing payments disruptions and identify advanced service delivery options, Quatrro Processing Services has teamed up with SurveilLens to deliver next generation analytic solutions layered with an advanced suite of fraud detection and prevention services. The amalgamation of dynamic rule management with unmatched anomaly detection and transaction monitoring capabilities will expand the breadth of fraud management services.
To expand the fraud mitigation terrain, both the organizations will evolve their solutions around Big Data analytics to devise anti-fraud solutions to reduce frontline risks and maximize revenue. The alliance of SurveilLens’ data visualization tools and Quatrro’s advanced fraud solutions will create a strong framework for communicating around AML compliance issues, to meet the highest security standards.
Managing the Customers’ Expectations
The constantly evolving payments world has heightened customer expectations. With advanced payment platforms, organizations can easily detect, track and minimize losses resulting from fraudulent online transactions.
Quatrro and SurveilLens will expand their offerings by integrating risk management and AML monitoring services, and then collectively delivering advanced like Know Your Customer (KYC) and Customer Information Program (CIP) solutions, leading to an enhanced customer experience.
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