ProfitStars, a division of Jack Henry & Associates, has launched Gladiator iPay Enterprise Security Monitoring solution (iPay ESM) to tackle online bill payment frauds.
The new solution will assist the banks and other financial solutions to comply with regulations and secure bill payment operations.
Jack Henry & Associates vice president and ProfitStars president Russ Bernthal said: “Financial institutions face serious ongoing risks related to payments fraud in today’s complex online business environment.
“Our iPay ESM solution delivers sophisticated fraud analytics, eases compliance, and provides powerful reporting capabilities to financial institutions.
“It enables banks and credit unions to better protect their retail and commercial customers’ digital transactions. Moreover, this boosts trust and ultimately strengthens relationships.”
Equipped with improved fraud analytics, iPay ESM tracks strategic bill pay functions and issues alerts for any suspicious activity.
It compares all behaviour with historical data and conventional patterns to determine the legitimacy of any behaviour.
Accordingly, it reduces false positive incidents and enables the financial institutions to mitigate potential threats around the clock.
The solution is also equipped with reporting features which will allow financial institutions to produce reports for employees or examiners.
The company added that more than 2,500 regional and community institutions provide online bill payments to retail and small businesses through iPay Solutions.