ACH Alert Partners with Apiture to Fight Payments Fraud

Multi-payment channel fraud prevention specialist ACH Alert has forged a strategic partnership with digital banking solution provider Apiture. The collaboration will enable Apiture’s 450+ customers to benefit from the combination of ACH Alert’s fraud detection services and Apiture’s online cash management solutions.

“This partnership demonstrates the industry’s need for sufficient fraud prevention tools that can be easily accessed by account holders through their online banking platforms,” ACH Alert CEO Debbie Peace said. “Apiture is already equipping financial institutions with quick and straightforward payment options that their customers crave, so adding our tools into the mix will assist their customers in mitigating the risks associated with electronic payments.”

ACH’s Fraud Prevention HQ platform enables account holders to play a more active role in the fraud fighting effort. The technology allows them to customize actionable alerts and accept or deny suspect transactions in real-time whether they are in the form of ACH, check, or by wire – before funds are withdrawn from the account. ACH Alert also leverages out-of-band verification using voice biometrics for handling high risk transactions.

Named “The Best Solution for Customer Experience” by FinXTech, and recognized by American Banker in its “Best Fintech to Work For” roster this year, Apiture was founded as a joint venture between First Data Corporation (now Fiserv) and Live Oak Bank in 2017. The partnership with ACH Alert will enable FIs using Apiture’s online banking platform to contract for the various fraud detection and prevention services available on ACH Alert’s Fraud Prevention HQ platform. These services include wire transfer protection, as well as credit origination, check, and ACH positive pay. Together, the services give FIs the ability to automate dispute resolution, provide business customers with greater control over the payments they accept, and fight cybercrimes such as account takeover.

“ACH Alert has long provided the industry standard for fraud protection for many of our customers,” Apiture President Chris Cox said. “Formalizing this partnership will enable us to bring a more unified experience to our online banking customers.”

Tennessee-based ACH Alert demonstrated its fraud prevention technology at FinovateSpring 2017. The company began this year with the launch of the latest Payment Data Xchange (PDX) service module for its Fraud Prevention HQ platform. Founded in 2007, ACH Alert was the recipient of the Kevin O’Brien ACH Quality Award in 2012 – the highest award for quality in the ACH Network industry.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

ACH Alert Reports Record Growth, Stops More Than $388 Million in Fraudulent Transactions

Electronic payments fraud prevention specialist ACH Alert has doubled its staff in response to record growth, the Tennessee-based fintech announced this week. The company partnered with more financial institutions in the past 12 months than in the last four years combined, it reported. Over the same time, ACH Alert has prevented more than $388 million in fraudulent transactions.

“Our extensive product suite, including our enterprise level check positive pay service with full back-end reconcilement and payee positive pay, have helped financial institutions prevent millions of dollars in fraudulent transactions, resulting in ACH Alert’s explosive growth and increased demand for our services,” company CEO Deborah Peace said. “As we continue to grow, we plan to use this momentum to protect a greater number of financial institutions and their account holders from payments fraud, as well as the frustration and financial loss associated with it.”

ACH Alert CEO Deborah Peace demonstrating Fraud Prevention HQ at FinovateSpring 2017.

ACH Alert demonstrated its Fraud Prevention HQ at FinovateSpring 2017. The company, which monitored more than $817 billion in transactions over the past year, partners with financial institutions to provide automated fraud detection and prevention services. ACH Alert’s technology protects a variety of payment types against fraud including incoming and outgoing ACH, wire transfers, and checks. The company’s solutions enable banks and credit unions to send actionable alerts to account holders when suspicious activity is detected, giving account holders the opportunity to stop the transaction before it occurs. This combination of automated fraud prevention and “shifting control to the account holder” is a key differentiator in ACH Alert’s ability to help FIs and their customers combat fraud.

Headquartered in Ooltewah, Tennessee and founded in 2007, ACH Alert won the 2016 BankNews Innovative Solutions Award for its Fraud Prevention HQ solution. Earlier this year, the company introduced new anti-fraud solutions for real-time payments and ACH credits. Trustmark National Bank, Venture Bank, and Hancock Whitney Bank are among ACH Alert’s customers. Read our profile of the company from last fall featuring a Q&A with CEO Peace.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

ACH Alert Unveils Anti Fraud Solutions for Real-Time Payments and ACH Credits

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.

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ACH Alert’s Fraud Prevention HQ Empowers Account Holders to Stop Suspicious Transactions

ACH Alert provides enterprise-grade, SaaS-based advanced fraud prevention solutions to financial institutions and fintechs. At FinovateSpring earlier this year, ACH Alert President David Peace and CEO Deborah Peace demonstrated Fraud Prevention HQ, which turns the challenge of fraud prevention into a revenue-making opportunity. ACH Alert’s fraud monitoring platform provides real-time, actionable, out-of-band alerts based on voice biometrics, and the rule sets are fully-customizable. The platform gives users a dashboard to view transactions flagged by the system before the transactions take place. But what is particularly Fraud Prevention HQ, as CEO Peace explained, is the way it empowers customers and clients. “This is the only platform available in the market that allows account holders to interact to stop suspicious ACH, wires, and check activity in real-time without financial institution intervention,” she said.

This is why, when it comes to cost savings of fraud prevention, Peace gives the credit to the customer. “In 2016, our system monitored $80 billion worth of transactions for the 70 financial institutions that we work with today,” she said. “And the account holders, not the financial institutions, were able to return $625 million.”

Pictured (left to right): ACH Alert’s David Peace (President) and Deborah Peace (CEO) demonstrating Fraud Prevention HQ at FinovateSpring 2017.

For the company’s live demo, the Peaces walked the audience through log-in on the client portal, which is integrated into the financial institution’s system and can be accessed online or mobile. They showed the Fraud Prevention HQ’s dashboard where basic information on wires, check, and ACH transaction activity is located, before focusing on the latter to show, for example, how easily a customer can respond to an alert by managing an individual ACH transaction entry. The ability to do this quickly and accurately is important for corporate clients, the team emphasized, because – unlike consumers – companies only have one day to detect and return a suspicious transaction. “We had one customer of a financial institution that returned a single item for $77 million one day,” Peace said. “So that saved them a significant amount of money.”

Fraud Prevention HQ: Dashboard View.

Features of Fraud Prevention HQ include debit blocks and filters for retail customers as well as corporate clients, electronic dispute forms that can be digitally signed, and automated exception settlement handling. Importantly, Fraud Prevention HQ’s dispute resolution process sends alerts before money actually changes hands. This way, in the event of a return, the customer doesn’t have to wait several days for the funds to come back to the account. The goal, as she explained, was to take financial institutions out of the backroom fraud monitoring and instead put those responsibilities “in the hands of paying customers.”

Company facts

  • Founded in 2008
  • Headquartered in Ooltewah, Tennessee
  • Won Innovative Solutions Award for Authentication/Fraud/Cybersecurity from BankNews

We spoke with Debbie Peace during the networking session at FinovateSpring 2017 in San Jose, and followed up with a few questions by email. Below are her responses.

Finovate: What problem does your technology solve?

Debbie Peace: It prevents unauthorized checks, ACH, and wire transfers from withdrawing funds from an account holder’s account. It moves costly fraud monitoring out of the backroom of financial institutions and into the hands of paying customers. It completely automates the return and dispute resolution process for the account holder and financial institution.

Finovate: Who are your primary customers?

Peace: Banks and credit unions of all sizes across the U.S.

Fraud Prevention HQ’s Transaction History Current Status screen enables users to see and manage account activity.

Finovate: How does your solution solve the problem better?

Peace: It automates the verification process by alerting the account holder and giving them the ability to accept or reject suspect transactions.  Most financial institutions are monitoring for suspicious activity but when a suspect transaction is identified, they have to make a judgement call, process it or call the account holder. That slows down transaction processing time, it’s costly and it is not a good customer experience. Our solution allows a financial institution and account holder to agree upon customized rules related to their account, relevant, actionable alerts are sent to the account so fraud is stopped by the account holder, before funds are withdrawn from their account – without financial institution intervention.

Finovate: What in your background gave you the confidence to tackle this challenge?

Peace: My background consists of business management, credit underwriting and risk monitoring, software development for payment systems, and extensive sales and marketing experience.    

Adding companies to the Approved List from Fraud Prevention HQ’s Transaction History page.

Finovate: What are some upcoming initiatives from your company that we can look forward to over the next few months?

Peace: We will be rolling out a cross channel payment services application, underwriting and monitoring system called S.C.O.R.E.  

Finovate:  Where do you see your company a year or two from now?

Peace: I see our customer engagement, fraud prevention solutions being the standard for fraud prevention for financial institutions and their clients, widening our base of financial institution clients nationwide.


 ACH Alert’s Deborah Peace (CEO) and David Peace (President) demonstrating Fraud Prevention HQ at FinovateSpring 2017.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.