Tech Roundup: Payments, Cloud Monitoring & Fraud Case Management
New technology partnerships and collaborations take place inside and around the credit union industry.
Tech activity is heating up. Here is a roundup of are some announcements about partnerships, collaborations, payments, IoT and cybersecurity that may come into play at credit unions.
Atlanta-based VSoft Corporation, a provider of information and technology solutions for financial institutions, announced a partnership with Glastonbury, Conn.-based Payrailz, which offers digital-payment experiences to credit unions and banks. VSoft will integrate Payrailz’ payment services into its digital banking platform, Arya.
The partnership allows financial institutions using Arya to offer accountholders an improved and smarter payments experience with Payrailz, according to the two companies. Retail account holders can use the service to view billing information and transact payments with specified delivery times, including immediate, same day, next day, or on a pre-determined future date. Automated and recurring payments can also be scheduled. Business and commercial account holders will benefit from advanced automation tools to streamline processes including establishing user entitlements, viewing billing information, as well as invoice payments to their business partners or other payees.
London based fintech provider Fraedom, acquired by Visa earlier this year, and Kansas City, Mo.-based finserv company UMB Financial Corporation announced a partnership enabling UMB to develop a full suite of card services, including expense and card management, reporting and a mobile app, to support its business customers. F
In the first phase of the partnership, the two companies will migrate UMB’s existing commercial card customers from two separate legacy systems onto Fraedom’s own advanced card technology platform, which will be white-labelled to deliver an improved experience and enhanced product offering to its customers. The two companies plan to develop a new mobile app, targeting a launch among UMB’s existing customers in the first half of 2019.
Northbrook, Illinois. Ill.-based safety consulting and certification company announced a new collaboration with EMVCo, the body that facilitates worldwide interoperability and acceptance of secure payments, to launch an online platform supporting the advancement of EMV technologies. The online platform is based on the latest 3-D Secure specification, which will support app-based authentication and integration with digital wallets and e-commerce transactions and help institutions, issuers and merchants enhance decision-making, detect fraudulent transactions up-front, increase approvals and reduce false declines.
Based on the latest EMV 3-D Secure specification, this new web-based test platform provides an environment where product providers, payment service providers, merchants and issuers can perform tests, while they are building and enhancing their 3-D Secure components.
San Francisco-based Moogsoft, which provides artificial intelligence for IT operations announced Moogsoft Observe. Built for the enterprise, Observe is a single-agent technology that can operate across all environments, including cloud, workloads, and containers, as well as on-premises systems and applications.
Moogsoft Observe is powered by a new suite of patent-pending algorithms developed for the most complex IT use cases. According to the company, by ingesting and analyzing data at the source and storing only anomalous and contextual data centrally, Observe enables trend and historical analysis of relevant, meaningful data but at a lower cost and with significantly reduced latency. This reduces the time to detect a problem by up to 60% and cuts nearly 90% of the storage and communication costs per bit of information.
Observe is an extension of the Moogsoft AIOps platform but can be deployed independently. An early access beta program will be available this November
Pompano Beach, Fla.-based ACES Risk Management, which provides technology for loan quality and compliance testing, data validation and analytics, announced the launch of Fraud Case Manager for managing and analyzing fraud investigations.
According to ARMCO, mortgage lenders, like all financial institutions, are required to monitor and report suspicious activities and have numerous fraud investigations open at any given time. To manage them, they use spreadsheets or disparate technologies, both prone to security breaches and errors.
Fraud Case Manager ofers a secure, fully configurable web-based alternative where lenders can manage all fraud investigations in one central location, and avoid the risks and delays associated with traditional fraud case management methods. For example, they can track any detail of any case in seconds rather than searching through numerous spreadsheets and limit usage to authorized parties rather than using open access documents.