Antifraud specialist and FinovateSpring veteran ACH Alert launched a pair of new services this week designed to enable account holders to safely accept (or reject) incoming real-time payments and incoming ACH credits. The new solutions for payments and ACH credits, PRO-TECH RT and PRO-TECH CR, respectively, work for both large and small financial institutions to provide account holders with more visibility and control over their finances.
“Making sure that financial institutions are comfortable with the risk of receiving real-time payments is crucial to achieve widespread adoption,” ACH Alert CEO Deborah Peace said. “Beyond offering heightened visibility, PRO-TECH RT and PRO-TECH CR ensure that incoming payments are processed according to account holders’ preferences, which is vital for certain industry verticals like mortgage originators, insurance providers, and property management companies.” Peace provided the example of enabling a company to reject incoming payments in the event that cancellation, eviction or foreclosure proceeding are taking place.
ACH Alert’s technology gives top tier FIs and community banks alike the ability to detect fraud and mitigate risks associated with electronic payments. PRO-TECH RT lets account holders set parameters for incoming real-time payments that set specific conditions that will trigger an alert, which is sent to the account holder by text, email, or both. Banks can also set up approved or blocked lists based on payments amount, frequency, sender, or timeframe. PRO-TECH CR provides the same functionality as PRO-TECH RT, only for incoming ACH credits.
In addition to PRO-TECH RT and PRO-TECH CR, ACH Alert offers a variety of anti-fraud solutions as part of its Fraud Prevention HQ product suite. These include PRO-TECH for incoming ACH transactions; Bio-Wire, a voice biometric solution for outgoing wire transfers; C.O.P.S. for outgoing ACH credit transactions, and PRO-CHEX, for checks. As a modular, exception decisioning portal accessible via a single sign-on with most online banking systems, ACH Alert’s Fraud Prevention HQ gives FIs the ability to empower their own customers with the ability to not only police their own accounts, but to turn the process of fraud prevention into a new fee-based revenue opportunity.
Founded in 2008 and headquartered in Ooltewah, Tennessee, ACH Alert demonstrated its Fraud Prevention HQ multi-payment channel fraud monitoring systems at FinovateSpring 2017. Winner of the Innovative Solutions Award in Authentication/Fraud/Cybersecurity Solutions from BankNews, and the recipient of the Kevin O’Brien ACH Quality Award, ACH Alert announced in 2016 that it had stopped $615 million in fraudulent transactions in the previous year. Check out our profile of ACH Alert from last fall: ACH Alert’s Fraud Prevention HQ Empowers Account Holders to Stop Suspicious Transactions.