Magazine article American Banker

Metavante to Meld Fraud Monitoring in Bill-Pay System

Magazine article American Banker

Metavante to Meld Fraud Monitoring in Bill-Pay System

Article excerpt

Byline: Steve Bills

Metavante Technologies Inc. says it is developing new ways to detect and prevent fraud in its payment and banking systems.

The Milwaukee vendor said that it plans to integrate real-time monitoring of transactions, using analytical software from the Actimize unit of Nice Systems Ltd.

Gary Bakker, the president of Metavante's risk and compliance solutions division, said the Actimize software would first be put to work in its online bill payment business, then would be introduced to other payment and banking systems.

"Monitoring for fraud with a single, interconnected view moves us toward providing fraud reporting to our clients in a single, enterprise-wide report covering all product lines," Mr. Bakker said in a press release last week, when the company announced its licensing agreement.

As the payment business has become more complex and faster, with checks clearing as images or being converted to automated clearing house transactions, banks and industry organizations have stepped up their fraud-fighting efforts.

For example, Nacha, the electronic payments association, since December has been developing a database of suspect ACH originators that it plans to share with the industry, and the Federal Reserve banks changed their rules in July to hold banks liable if they accept deposits of remotely created checks that are later found to be fraudulent.

Metavante said it plans to offer the Actimize monitoring to the institutions that use its systems for core banking and for payments. …

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