CINCINNATI, OHIO (February 22, 2023) — Neural Payments announced today the launch of their proprietary Fraud Rules Engine for financial institutions, which will enable the ability to stop fraud prior to the P2P transfer completion.
“At the very core of what we do is payments. Our company was founded and continues to be operated by a team of payments professionals who understand the landscape and strive to bring to market solutions that benefit both financial institutions and their end consumers”, says Melissa Kopp, Executive Director of Client Experience at Neural Payments. “There was a clear opportunity in the peer-to-peer space for better fraud controls in the hands of the financial institution. Our platform is engineered to continually deliver what our financial institutions need as the market dynamics around fraud continue to evolve”.
Nearly a quarter (23%) of P2P users have sent money to the wrong person, and 15% have been victims of scams or fraud. To address this head-on, the Neural Payments Fraud Rules Engine functionality allows FI’s to customize rules by specific trigger events and apply corresponding actions should the rule be violated, such as immediately failing the transfer or notifying the financial institution. The platform also maintains a dynamic exclusion list of bad actors and financial institutions’ ability to run rules in test before going into full production. Moving forward, the Neural team will continue to add additional triggers into the engine to enable even more control and protection on behalf of their clients.
Neural Payments was created to assist Financial Institutions in adopting change at or ahead of market pace. Leveraging experience working with banks, credit unions and payment processors globally, Neural Payments will connect institutions to the latest technologies and trends. Learn more at neuralpayments.com.
Merideth Miller
M2 The Agency
281.882.3045
pr@m2theagency.com
