Fiserv Unveils Automated Dual Verification Solution for ACH Transactions
Automated solution provides multi-level controls to enhance security
and risk management for PEP+ users
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial
services technology solutions, today launched an enhanced version of PEP+®:
Dual Verification, an automated solution that ensures that proper
controls to mitigate error and fraud in ACH processing are in place, and
offers tracking tools to document these controls.
PEP+ from Fiserv is a mainframe, real-time system that enables the
origination and receipt of electronic payments through the automated
clearing house (ACH). PEP+: Dual Verification enhances the security and
risk management capability of the PEP+ application by providing dual
verification protocols for specific online request codes. Required
authorization is customizable and it can be driven by operator,
dollar-amount threshold or both, and the number of approvals required
can vary as needed.
"Financial institutions are facing intense scrutiny to reduce the risk
of error and fraud in the ACH payments channel," said Bert Harkins,
senior vice president of sales, Global Payments Solutions, Fiserv.
"Financial institutions must prove to the regulators that proper
controls are in place. This changing security climate places mounting
pressure on institutions to ensure that effective and robust controls,
such as PEP+: Dual Verification, are in place and being utilized."
PEP+: Dual Verification also offers systematic automated tracking, and
provides a credible audit trail of the secondary review thereby reducing
the gaps in risk mitigation associated with manual reviews while
increasing operational efficiency. This added layer of security reduces
the risk of errors and fraud for financial institutions and their
"The systems and controls needed for an effective ACH risk management
program should include written policies and procedures, strong internal
controls and a risk-based audit program," said Pamela T. Rodriguez, AAP,
CIA, CISA, Executive Vice President, Risk Management and Education for EastPay,
Inc. a Regional Payments Association that provides payments education
and risk management services to financial institutions and businesses.
"Financial institutions need to ensure that specific guidance is focused
on risk management systems and controls and information security."
Recognized as the industry standard in ACH processing for nearly three
decades, more than 10 billion, or roughly 50 percent, of all ACH
transactions in the U.S, were processed through Fiserv technology in
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry. Fiserv is driving innovation in
payments, processing services, risk and compliance, customer and channel
management, and business insights and optimization. For six of the past
eight years, Fiserv ranked No. 1 on the FinTech 100, an annual
international listing of the top technology providers to the financial
services industry. For more information, visit www.fiserv.com.
Senior PR Manager
Director, Public Relations
Source: Fiserv, Inc.
News Provided by Acquire Media
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