Unit21, a leading player in the FinTech space, has announced the rollout of its latest innovations aimed at revolutionising ACH (Automated Clearing House) transactions and bolstering fraud prevention measures.
The introduction of ACH Risk Scores and Action Event Rules marks a significant milestone in the ongoing battle against financial fraud, offering a comprehensive solution to address the evolving challenges faced by banks, credit unions, and FinTech firms.
In today’s fast-paced financial landscape, where speed is paramount, the demand for faster payment processing has soared. However, this need for expediency has also heightened the risk of fraudulent activities, posing a considerable threat to financial institutions and their customers alike. Unit21’s latest offerings are strategically designed to strike a delicate balance between efficiency and security, empowering financial institutions to navigate this complex terrain with confidence.
ACH Risk Scores stand out as a game-changing feature, facilitating faster fund availability through the implementation of machine learning algorithms. By providing a real-time assessment of risk, these scores empower institutions to make informed decisions swiftly, thereby minimising the potential for fraudulent transactions. Moreover, Unit21’s innovative approach ensures compliance with regulatory standards, further enhancing the credibility and reliability of the system.
The Action Event Rules feature represents another significant advancement, enabling institutions to monitor non-transactional activities effectively. From login attempts to account modifications, this versatile tool offers comprehensive coverage, allowing institutions to stay one step ahead of fraudsters. By leveraging actionable insights, financial institutions can proactively identify and thwart fraudulent activities, safeguarding both their interests and those of their customers.
Sandy Asprelli, AVP Fraud Analyst at Patriot Bank, lauds Unit21’s proactive approach, stating, “Since onboarding, Unit21 has been a valued partner for Patriot Bank. I can’t wait to get my hands on their ACH Risk Scoring rules. The ability to proactively block accounts that exceed set chargeback thresholds will greatly enhance our fraud loss mitigation tools. Additionally, the ability to rapidly unlock funds for legitimate customers is expected to be a game changer, significantly improving our customer experience while reducing bank overhead costs.”
Ian Macallister, Chief Operating Officer of Unit21, shares his enthusiasm for the latest advancements, stating, “With our growing suite of Fraud solutions, we’re excited for these advancements in ACH fraud prevention–and our ongoing ability to help financial institutions provide faster funds while derisking their business. Our new fraud features are designed to enhance our customer’s security and efficiency in fighting ACH fraud at a time when the industry is focused on moving towards faster payments–giving our clients a significant edge against bad actors.”
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