New Bottomline payment types have been expanded to its fraud and risk protection solution Secure Payments solution.
After the enhancements, the Secure Payments can now also monitor FileAct, SEPA, SIC4 and ISO20022 payments.
Go deeper with GlobalData
In addition, the solution will offer clients a single platform to identify and assess potential frauds in their ecosystem.
Bottomline Technologies head of market development risk and fraud James Richardson said: “We know that user and transaction monitoring across multiple channels, applications, and payment types is critical to provide enhanced fraud detection for banks and corporate.
“Businesses and banks that rely only on ‘in-network’ capabilities to detect fraud are taking a risk.”
The Secure Payments solution is designed to secure payments across various applications and channels including ACH, Wire, Faster Payments and Bacs among others.
It uses advanced analytics of user behaviour with intelligent machine learning to prevent payment frauds.
The platform can identify fraudulent transactions in real-time and stops them before entering the home network, the company said.
Furthermore, it protects online and mobile sessions fulfilling all regulatory requirements.
Richardson said: “Part of the complexity with business payments is that they don’t come in a single flavour.
“The sophistication of payment related fraud schemes are evolving rapidly. Organisations need adaptable fraud detection to protect different types of payments and across multiple networks.”
