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News

Yodlee chooses fraud prevention system from Actimize

Qognify : 16 September, 2009  (Application Story)
Large provider of payment systems and financial management will enhance its online payment systems with fraud detection and prevention technology from Actimize
Yodlee, a provider of personal financial management (PFM) and payments solutions, has announced that following careful due diligence it has selected and partnered with Actimize, the largest and broadest financial crimes, compliance and Risk Management solutions provider to the financial services industry and a NICE systems company, to integrate Actimize's real-time fraud monitoring and prevention technology into Yodlee's innovative online payments solutions.

Used by many of the world's top financial institutions, Actimize's banking and payment fraud prevention solutions are built on a single, scalable platform that is proven to detect, identify, and prevent fraud across channels and financial products in real time, stopping losses before they occur.

Yodlee plans to deploy Actimize's real-time analytics technology within Yodlee BillPay and Yodlee FundsTransfer to enhance the existing Risk Management systems and processes that Yodlee currently utilises. Actimize will enable even higher levels of fraud monitoring and prevention for both 'risk-based' and 'good funds' payments models. The Yodlee BillPay suite includes Yodlee PayItAll (complete, pay-everyone solution), Yodlee DirectPay (revenue-generating card based payments), and Yodlee PayToday (fee-based, guaranteed same-day payments). The Yodlee BillPay suite gives consumers a more flexible, comprehensive, and intuitive bill pay experience while giving financial services companies full visibility and control over the payments process and unique revenue generating opportunities in an otherwise expense driven product category.

'With the speed and convenience of online and mobile payments comes increased risk of fraud for consumers and financial institutions,' said Peter Hazlehurst, SVP of Products at Yodlee. 'Working with Actimize, we will strengthen Yodlee's Risk Management capabilities in the prevention and detection of fraud for both our batch and real-time payments and transfers. This partnership is another milestone in Yodlee's history of commitment to leveraging leading technology to protect data security and reduce risk for the rapidly growing online commerce world.'

"Yodlee went through a careful due diligence process to ensure they offer their clients the industry's most flexible and effective fraud prevention technology across the different payment channels," says Amir Orad, EVP and CMO at Actimize. "Yodlee was looking for proven real-time fraud prevention capabilities with out-of-the box analytics and we are proud to be their partner of choice."

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