Pay.UK’s Faster Payments team has introduced the Mule Insights Tactical Solution (MITS), which tracks the flow of fraudulent transactions through bank and building society accounts.
The technology for the solution was developed by Vocalink. The Pay.UK solution maps out the time and place of money movement as well as offers data for fraud teams.
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Through the service, illicit cash can be tracked even if they move between different accounts of the same or different financial providers.
In order to accurately highlight suspicious transactions, the Pay.UK solution combines payments data from various banks along with analytics and algorithms.
Vocalink Services executive vice president David Rich said: “The innovative data science behind MITS enables us to spot and trace illicit accounts like never before.
“By bringing together payments data from multiple banks in a secure way, we are able to deliver a new kind of intelligence that analyses billions of transactions, connects the dots and then identify how the laundered money is split, layered and dispersed across the whole banking network.”
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By GlobalDataThe launch of the service follows its successful trial in the UK.
Pay.UK CEO Paul Horlock said: “This new initiative is a significant milestone in the UK’s fight against financial crime, giving the industry the potential to track the flow of illicit funds on a greater scale and with more speed and accuracy than ever before.”
