PayWatch is integrated across all areas of the Payveris digital payments platform and is designed to further protect consumers from fraud by monitoring consumer bill pay and business bill pay transactions, P2P transfers and account-to-account transfers. The early warning fraud prevention tool is easily accessed through Payveris’ integrated payment administration tool, PASS, which enables FIs to support system users, proactively research transactions and take immediate actions on suspected fraudulent transactions. PayWatch features advanced warning indicators to further ensure that the payments system remains secure and is designed to enable financial institutions to implement the program into their existing fraud prevention structures more effectively.
PayWatch alerts financial institutions using the Payveris digital payments platform when potential fraudulent behaviors occur. If any irregular transaction occurs outside of normal patterns, an actionable alert is sent to the financial institution for decisioning. Alerts can be triggered if a transaction is out of pattern, too large, occurs too frequently or originates from an account previously associated with fraud. Each alert includes a detailed description of the transaction and why the alert was triggered to help the FI resolve the potential issue.
"We built PayWatch based on the expressed needs of our customers to further protect consumers against the growing issue of transaction fraud," said Fran Duggan, chief innovation officer at Payveris. "Our close relationship with our community bank and credit union clients has given us the opportunity to solicit feedback that continues to shape the Payveris digital payments platform into an ever dynamic solution that sets industry best practices."
"As financial intuitions seek to continually address the potential risk for transaction fraud, they can now rest assured that any transactions processed through our payments platform are being proactively monitored consistently to further protect consumers," said Jeff Weikert, president of Payveris.
Payveris’ unified digital payments and money movement platform enables banks and credit unions to offer their customers and members a more seamless and consistent multi-channel user experience for electronic bill payment and management, person to person transfers (P2P), external account transfers and business payments. Through its suite of open APIs and widgets, Payveris provides financial institutions and their digital banking partners with unlimited control and flexibility of the user experience across any digital channel or application, enabling money to be moved to anyone, anywhere, anytime and with any device.
