Bottomline Technologies launches payment fraud solution for SWIFT Network

The solution is being made available to users of SWIFT transactions on Bottomline’s cloud and to on premise users, including several major banks and financial institutions. It is part of a package of measures being offered by Bottomline to help customers meet security requirements from the SWIFT payments cooperative under its recently announced Customer Security Programme (CSP).

By June 2017, members of the SWIFT network are required to self-attest that they meet 16 mandatory controls, including multi-factor authentication and malware protection. There are also 11 advisory controls, which go further, including intrusion detection and daily validation reports.

The new fraud solution from Bottomline goes beyond the mandatory controls to include real-time monitoring of user behavior and individual messages, which can stop potentially fraudulent payments before they take place.

Bottomline Technologies offers online payment, invoice and document automation solutions to corporations, financial institutions and banks.