Mastercard® Cross-Border Services
Finastra and Mastercard Cross-Border Services are partnering to provide banks easy access to a new set of payment rails to optimize cross-border payment strategies and deliver an exceptional customer experience. Finastra and Mastercard share a commitment to deploying flexible solutions that integrate seamlessly, so that you can meet the changing demands of the payments landscape with speed and agility.
Traditional username and password-based authentications are found to be insufficient – not just at login but also prior to critical transactions. This has only been accelerated by COVID-19 with remote working and increased digitalization and self-service thus the Two Factor authentication has become the new norm in authentication process.
Currently, banks are having to deal individually with vendors to integrate multi-factor authentication into their solutions, and switching multi-factor authentication vendors results in re-development of all integrated applications.
Payment Fraud Prevention
NetGuardians’ AI-powered fraud solution more accurately detects and blocks fraudulent transactions. It learns each customers behavior and flags anomalous transactions for further validation. System reduces false positives by 85% - this results in +75% operational cost savings as fewer staff are needed to validate suspicious payments - direct savings for a Bank and reduced reputational risk.
Rapid Fin Pay for Corporate
Fusion Rapid Fin Pay provides a payment initiation facility to the small medium business (SMB) customers of the Financial Institution, with the ability to initiate US domestic wires via web browser. The application supports a maker and a checker persona.
Xceed
Xceed provides comprehensive real-time fraud detection and prevention solutions across enterprise silos, channels and products, which enable organizations to identify fraud risk, support effective customer experience, and stop losses before they occur, all on a proven, scalable risk management platform. It can detect fraud perpetrated against the account across many different payment product types, including bill payments, external and internal transfers, wires, P2P payments, interbank transactions such as ACH and payroll transactions.
