ACH Alert, a provider of fraud prevention technology for financial institutions, has announced record growth numbers — with a more than 350 percent increase in net income in a year's time.
That increase also came with a client increase of 16 percent in 2015, which helped its income jump 18 percent and its recurring revenues jumping by 29 percent in the same time period. The company attributes its success to its abilities to tackle the challenges the payments industry faces today, which is increasingly tested by cybercriminals who are flooding to the payments market with fraud.
But with the implementation of firewalls, security tokens and one-time password technology, ACH Alert aims to help financial institutions address the things that impact them most, including the ability to provide sufficient authentication for detecting fraud. And that's where ACH Alert's solutions aim to step in.
“Partnering with ACH Alert was a solid decision for us,” said Chris Styga, SVP and director of corporate treasury services at Trustmark National Bank. “Developed by top-notch industry leaders, their solutions are reliable and proven to help eliminate fraud, while automating manual, labor-intensive processes. We’ve also created a new revenue stream, while improving the customer experience. It’s truly a win-win.”
Most noteworthy, the company’s technology is designed to reduce costs, financial losses and the reputational damage associated with ACH and wire fraud.
“After an exciting year of growth, we plan to use that momentum moving forward as we continue to develop solutions that reduce the financial costs and reputational damages stemming from ACH and wire fraud,” said Deborah Peace, AAP, chief executive officer of ACH Alert. “Protecting accountholders from fraudulent ACH and wire transfers is a basic regulatory obligation of all financial institutions, but strategic-thinking financial institutions, like Trustmark and many others, are partnering with us to raise their security to another level. ACH Alert remains focused on increasing corporate, small business and consumer confidence in ACH and wire payments, and we look forward to another successful year for our industry.”