FundingShield has announced a strategic partnership with SitusAMC, in a bid to tackle the rising challenges of wire and title fraud that have plagued financial institutions in recent years.
The partnership aims to utilise FundingShield’s extensive ecosystem of service provider data which boasts over 95% coverage, to give clients using SitusAMC’s warehouse lending platforms, ProMerit and WLS, gain direct access to FundingShield’s comprehensive risk mitigation and cost-saving ecosystem through API and data-integrated solutions, empowering them to maintain impeccable data integrity, verify bank accounts, and ensure counterparty compliance.
SitusAMC recognises the growing threat of wire fraud, making wire fraud prevention a primary concern for its clients. By integrating FundingShield’s industry-leading solutions into SitusAMC’s leading warehouse lending technology, businesses can easily access risk management tools that address these concerns.
ProMerit and WLS stand as the industry’s leading warehouse lending technologies, streamlining lending operations and enabling banks to efficiently manage, track, fund, and secure repayments. These platforms offer seamless integration with LOSs and other third-party systems, automating tasks, generating reports, and more. The SaaS-enabled ProMerit ensures enhanced security and delivers automatic updates and new features.
Ike Suri, CEO of FundingShield, noted, “SitusAMC’s extensive relationships with over 1500 financial institutions will provide FundingShield with the opportunity to deliver cutting-edge financial technology solutions to combat wire fraud. Our expertise lies in automated, real-time, source-data verifications for compliance and risk management, and we are eager to extend these capabilities to more of the top US banks, residential and commercial real estate lenders, leveraging SitusAMC’s profound industry knowledge.”
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