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Treasury Prime and Effectiv Team on Fraud Detection for Companies and Banks

Treasury Prime, an embedded banking software company, has joined forces with Effectiv, a fraud and risk management platform, to bring advanced fraud detection capabilities to enterprises and banks, the companies announced Monday (Dec. 4).

This collaboration aims to address the increasing incidents of fraud in the financial sector and provide customers with the necessary tools to combat fraudulent activities. By leveraging artificial intelligence (AI) technology, the partnership looks to reduce the risk of financial loss and reputational damage.

The Importance of Fraud Detection in Today’s Financial Sector

In today’s financial landscape, where fraudulent incidents are rising and regulatory scrutiny is increasing, transaction monitoring and fraud detection have become crucial. Effectiv’s Transaction Monitoring solution offers a fraud, risk and compliance platform that helps prevent fraud at every stage, from customer onboarding to real-time transaction monitoring. The solution significantly reduces the risk of financial loss and reputational damage by utilizing AI to analyze patterns and detect anomalous fraudulent behaviors.

Treasury Prime Chief Platform Officer Mark Vermeersch said the importance of equipping customers with the necessary tools to thrive in the complex financial ecosystem. He said in a statement, “With the speed at which money moves today, fraud detection needs to be just as fast.” The partnership with Effectiv enables customers to combat fraud more effectively and holistically.

Ravi Sandepudi, CEO and co-founder of Effectiv, highlighted the increasing sophistication of AI fraudsters and the rise in fraud with real-time payments. As banks prepare to adopt technologies like FedNow, it is crucial for fintechs and banks to invest in advanced security measures. The partnership between Treasury Prime and Effectiv will provide more FinTechs and banks with the tools they need to manage risk at every transaction step.

This partnership follows Treasury Prime’s recent collaboration with Astra, further expanding the firm’s partner marketplace. Through push-to-card technology, it gives Treasury Prime customers access to instant account funding and instant disbursements.

In March, to connect FinTechs to the banking system rather than just a provider or two — Treasury Prime launched OneKey Banking.  

Treasury Prime CEO Chris Dean told PYMNTS it is an embedded finance application programming interface (API) that allows FinTechs and companies to choose the best banking partner across the more than 15 financial institutions (FIs) tied to the Treasury Prime network.