ProfitStars introduces comprehensive online banking fraud solution
Automated, near-real-time solution enhances bill pay fraud monitoring, compliance for financial institutions
MONETT, MO (September 19, 2018) — Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, its ProfitStars® division announced the availability of its Gladiator iPay Enterprise Security Monitoring™ solution (iPay ESM). iPay ESM is a web-based monitoring and reporting solution designed to help financial institutions mitigate online bill pay fraud and comply with regulations.
More than 2,500 regional and community institutions offer retail and small businesses online bill pay through iPay Solutions™, a competitive service that drives revenue and enhances customer loyalty. Now, iPay bill pay clients can combat fraud while more easily and efficiently complying with the FFIEC’s evolving regulations for internet banking security.
Scott Pooler, executive vice president and chief information officer of Watertown Savings Bank, stated, “In today’s dangerous online banking environment, iPay ESM helps protect our bill pay customers and their accounts while helping us comply with regulations. The tool flags suspicious activity almost immediately and alerts us to transactions that may be fraudulent. This kind of protection is necessary in today’s digital world.”
iPay ESM features enhanced fraud analytics that proactively track strategic bill pay functions and flag items that need immediate
attention. The solution uses analytics to determine if the behavior is expected and legitimate as compared to historic data and patterns. The combination of alerts and reduced false positives enable financial institutions to better manage potential threats around the clock.
As the latest addition to the proven Gladiator® Enterprise Security Monitoring™ solution, financial institutions leveraging iPay ESM benefit from the expertise and support of Gladiator’s proven regulatory compliance and certified security experts, presenting a cost-effective way to add access to talent and resources to their organizations. The solution includes integrated reporting features that can be securely accessed at any time, allowing financial institutions to easily produce reports for employees or examiners.
Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars, added, “Financial institutions face serious ongoing risks related to payments fraud in today’s complex online business environment. Our iPay ESM solution delivers sophisticated fraud analytics, eases compliance, and provides powerful reporting capabilities to financial institutions. It enables banks and credit unions to better protect their retail and commercial customers’ digital transactions, which boosts trust and ultimately strengthens relationships.”
About Jack Henry & Associates Inc
Jack Henry (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
ProfitStars®, a division of Jack Henry & Associates, Inc.®, helps financial institutions of every asset size and charter, and diverse corporate entities, proactively identify and prepare for risks and market changes that could negatively impact their business. ProfitStars’ industry-leading solutions and services include JHA Payment SolutionsTM, Information Security & Risk Management, Online & Mobile, Lending, Financial Performance, and Imaging/Data Management. These solutions help approximately 9,000 clients mitigate and control risks, optimize revenue and growth opportunities, contain costs, and drive future success. Additional information is available at www.profitstars.com.