Unit21, a prominent figure in the FinTech sector, has unveiled its latest innovations aimed at transforming ACH (Automated Clearing House) transactions and strengthening fraud prevention protocols.
The rollout of ACH Risk Scores and Action Event Rules represents a pivotal advancement in the ongoing battle against financial fraud, presenting a holistic solution to tackle the evolving challenges confronting banks, credit unions, and FinTech enterprises.
In today’s swiftly evolving financial landscape, characterized by an emphasis on speed, the demand for rapid payment processing has surged. However, this quest for swiftness has also escalated the risk of fraudulent activities, posing significant threats to financial institutions and their clientele. Unit21’s latest offerings are strategically crafted to strike a harmonious balance between efficiency and security, empowering financial institutions to navigate this intricate terrain with confidence.
The ACH Risk Scores feature emerges as a transformative element, facilitating expedited fund availability through the integration of advanced machine learning algorithms. By furnishing real-time risk assessments, these scores enable institutions to make prompt, informed decisions, thereby mitigating the likelihood of fraudulent transactions. Furthermore, Unit21’s innovative approach ensures compliance with regulatory standards, bolstering the credibility and resilience of the system.
The Action Event Rules feature represents another noteworthy advancement, empowering institutions to effectively monitor non-transactional activities. From login attempts to account modifications, this versatile tool provides comprehensive coverage, enabling institutions to stay ahead of potential fraudsters. By harnessing actionable insights, financial institutions can preemptively identify and thwart fraudulent activities, safeguarding the interests of both themselves and their customers.
Sandy Asprelli, AVP Fraud Analyst at Patriot Bank, commends Unit21’s proactive stance, expressing anticipation for the ACH Risk Scoring rules. The capability to proactively block accounts surpassing designated chargeback thresholds is poised to significantly enhance fraud loss mitigation tools. Additionally, the swift unlocking of funds for legitimate customers is anticipated to revolutionize the customer experience while reducing bank overhead costs.
Ian Macallister, Chief Operating Officer of Unit21, shares his excitement for the latest innovations, highlighting their role in enhancing security and efficiency in combating ACH fraud. He underscores Unit21’s commitment to assisting financial institutions in providing faster funds while minimizing risks. These new fraud features are crafted to fortify customer security and streamline fraud prevention efforts, offering clients a substantial advantage in a landscape increasingly focused on faster payments.
Source: fintech.global
