Banking and payments technologies provider FIS
has signed a deal to offer its card processing and fraud
protection services to Amalgamated Bank of Chicago.
The five-year agreement with FIS is aimed at
identifying fraud patterns and minimising fraud before it
occurs.
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“FIS’ card and merchant processing, as well as
fraud solutions will bring us to a new level of efficiency,” said
Jonathan Telzrow, senior vice president for the Amalgamated Bank of
Chicago. “The combination of increased system flexibility, robust
functionality and improved cardholder experience were all key
differentiators for us.”
The new system – FIS Fraud Alert Management is
a fraud management platform that monitors multiple types of
cards by processing credit, debit and prepaid transactions on the
same platform. The system makes use of a fraud protection program –
FIS secured, which identifies emerging fraud patterns using
enhanced data mining tools.
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