In a move geared towards enhancing the security landscape for enterprises and banks, Treasury Prime, a prominent embedded banking software company, has unveiled its strategic collaboration with Effectiv, a leading fraud and risk management platform. This partnership introduces Effectiv’s advanced Transaction Monitoring solution to Treasury Prime’s extensive multi-bank network, equipping businesses with powerful tools to combat fraudulent activities.
In the face of mounting regulatory scrutiny and an uptick in fraudulent incidents within the financial sector, the need for robust transaction monitoring has never been more pronounced. Effectiv’s comprehensive fraud, risk, and compliance platform offers an end-to-end solution, safeguarding every stage of the financial journey. From the initial onboarding of new customers and businesses to ongoing, real-time transaction monitoring, Effectiv’s AI-driven approach scrutinizes patterns, identifying and mitigating potential risks. By doing so, it significantly reduces the risk of financial loss and protects institutions from reputational damage.
“We are dedicated to equipping our customers with the tools they need to thrive in an increasingly complex financial ecosystem,” says Mark Vermeersch, Chief Platform Officer of Treasury Prime. “With the speed at which money moves today, fraud detection needs to be just as fast. We’re thrilled to be partnering with Effectiv and enabling customers to combat fraud more holistically.”
“Over the past year, we’ve seen a rise in fraud with real-time payments. As banks get ready to adopt FedNow and AI fraudsters increasingly get more sophisticated, it’s critical that fintechs and banks invest in technology that can improve their security posture,” says Ravi Sandepudi, CEO and co-founder of Effectiv. “By partnering with Treasury Prime, we can provide more fintechs and banks with the tools they need to help manage risk at every step of the transaction.”
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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