CashEdge's Risk Monitoring Featuring The Navigator Recognized at BAI as Leading Innovation
BAI Innovation Moment Podcast Available at CashEdge Booth #657
New York, NY – November 13, 2007 —CashEdge Inc. (www.cashedge.com), the pre-eminent provider of online fund transfers and the pioneer behind opening and funding accounts online, announced its enhanced risk monitoring service today at BAI’s Retail Delivery conference. The industry’s leading innovation for detecting and preventing fraudulent transactions, CashEdge’s risk monitoring service will be highlighted as a “BAI Innovation Moment” and presented as a downloadable podcast from the BAI home page or at http://www.bai.org/retaildelivery/podcasts.asp. For more details, please visit booth number 657 where the company will showcase its risk monitoring service.
CashEdge’s model evaluates transaction risk probability based on a set of monitoring criteria. Transactions are run through an automated scoring and rules engine, and queued in order of their assigned risk score. Suspicious transactions are investigated by fraud identification experts to determine and confirm account and transaction legitimacy.
“Right from the start, CashEdge recognized that effective management of risk was essential to unleashing the power of online money movement. Over the last eight years we have dedicated more time and accumulated more expertise in how to manage risk and prevent fraud than any technology company in the industry,” stated Amir Sunderji, vice president of Risk Management and Payment Operations at CashEdge. “Today online transactions are more popular than ever and billions of dollars are transferred daily. As transaction volumes have increased, so has the risk of fraud and the appeal to criminals.”
CashEdge Risk Monitoring Link Analysis
When fraudulent activity at one of CashEdge’s clients is confirmed, a link analysis is performed across multiple financial institutions experiencing similar transfer trends to identify and prevent additional fraudulent money transfers. CashEdge stops the transactions, disables the accounts for future transfer activity and alerts all affected FIs throughout its network.
“CashEdge’s solution strikes the optimal balance of identifying suspicious activity almost instantly through automation and then enlisting expert investigators to investigate and ensure fraudulent transactions are prevented, thus mitigating any additional exposure,” Sunderji explained.
About CashEdge
CashEdge® provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row. In 2007 it was also recognized by the 2007 Deloitte Technology Fast 500 and Fast 50 as one of the nation's 500 fastest growing private companies and one of the 50 fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including four of the top five banks, 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, please visit www.cashedge.com.
Contact:
Jennifer Moritz
Zer0 to 5ive
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About BAI’s Innovation Moments
BAI Innovation Moments highlight new and exciting technologies, processes and services defining innovation in the financial services industry. These products and services are selected from submissions received as part of the innovation moments showcase at BAI Retail and Delivery.