Payveris, a provider of cloud-based open API digital payment solutions, has released PayWatch, a fully integrated fraud prevention solution.
The platform, integrated across all areas of the company’s digital payments platform, is designed to protect consumers from fraud by monitoring consumer bill pay and business bill pay transactions, P2P transfers and account-to-account transfers.
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Payveris said the early warning fraud prevention tool is can be easily accessed through its integrated payment administration tool, PASS – which enables FIs to support system users, research transactions and take immediate actions on suspected fraudulent transactions.
To further ensure that the payments system remains secure, PayWatch features advanced warning indicators. It is designed to enable financial institutions to implement the program into their existing fraud prevention structures more effectively, the company added.
The platform will alert financial institutions using the Payveris digital payments platform when potential fraudulent behaviors occur. If any irregular transaction occurs outside of normal patterns, an actionable alert is sent to the financial institution for decisioning.
Alerts can be triggered if a transaction is out of pattern, too large, occurs too frequently or originates from an account previously associated with fraud. Each alert will include a detailed description of the transaction and why the alert was triggered to help the FI resolve the potential issue, the company added.
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By GlobalDataPayveris chief innovation officer Fran Duggan said: "We built PayWatch based on the expressed needs of our customers to further protect consumers against the growing issue of transaction fraud. Our close relationship with our community bank and credit union clients has given us the opportunity to solicit feedback that continues to shape the Payveris digital payments platform into an ever dynamic solution that sets industry best practices."
