New “Wire” Product to Combat Account Takeover

Laru Technologies Introduces New "Wire" Product to Combat Account Takeover

Folsom, CA, April 25, 2012 — Laru offers real time Wire monitoring and fraud protection for Banks Laru Technologies announced today that it will showcase its latest product, Wire Vision, at NACHA’s Payments 2012 conference in Baltimore, Maryland April 29 – May 2.

Having pioneered risk management for ACH, Laru is deploying its proprietary business intelligence methodology to provide risk measurement and fraud prevention for Wire transactions. The two products will work together to address linear and cross-channel risk and fraud scenarios. According to Rajiv Donde, Laru CEO, “Laru products directly address the December 2011 FFIEC mandate that financial institutions address fraud risk at the point of funds transfer. Further, Laru intends to extend its product offering to all forms of payment, including checks and RDC.”

According to Terrence Crowley, SVP at The BanTechnologies Bank, “The transaction-oriented risk and fraud tools provided by Laru have proven valuable for managing our ACH business and we look forward to partnering with them on their Wire product. The company’s products allow the bank to manage the entirety of a transaction’s path so that we measure, manage and intercept risk. ”

“The two most frequently used electronic payment products to move large sums of money out of a financial institution are wire transfers and ACH credits,” according to Elliott McEntee, President and CEO of McEntee Payment Advisory Service and former CEO of NACHA. “For this reason,” said McEntee, “cybercriminals and dishonest employees use wire transfers and ACH credits to defraud businesses and financial institutions. The best way to stop fraudulent transactions, according to McEntee, is to deploy state of the art risk management tools, such as Laru’s Vision for Wires and Vision for ACH.”

In addition, Laru has now partnered with Fundtech to permit exchange of data between the two companies’ wire and ACH products, thus offering mutual customers seamless payment processing and risk management services. Fundtech’s PAYplus USA®, GFX™ and PAYplus ACH™ products will send transactions to Laru’s Wire and ACH Vision for purposes of identifying anomalous transactions and earmarking them for special handling by bank personnel.

According to Tony Salamone, SVP at Fundtech, “Laru’s holistic approach to risk management complements our wire and ACH processing capabilities. These end-to-end solutions couple processing functionality with risk and fraud control tools, and offer the banking industry seamless solutions that work better and are easier to use.”

About Fundtech
Fundtech is a leading provider of financial technology to banks and Technologies of all sizes around the world. Founded in 1993, Fundtech was acquired by GTCR, a Chicago-based private equity firm. Major product lines are: payments and liquidity management; cash management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway products and mobile banking products. The company sells these systems through either a traditional software license or through a Software-as-a-Service (SaaS) contract. Fundtech operates one of the world’s largest services bureaus called Fundtech Connect, which addresses the unique needs of the financial services industry. Thousands of financial institutions and companies around the world rely on Fundtech’s innovation to improve operational efficiency, increase revenues, and to provide greater competitiveness through business-to-business services. For more information please visit http://www.fundtech.com/

Fundtech Press Contacts: (USA) Binna Kim - Cognito
+1 646 395 6304
Binna.Kim@cognitomedia.com

  • Posted: April 25, 2012