Unit21 launches Real-Time Monitoring

Unit21's Real-Time Monitoring solution was designed to help financial institutions using real-time payment systems, such as FedNow, RTP, Zelle, and others, where low latency is critical. Real-Time Monitoring equips fraud prevention teams with improved capabilities to monitor transactions in real-time, thereby enabling proactive fraud prevention and resulting in substantial reductions in fraud-related losses.

Some of the primary advantages of this new solution

• Comprehensive Transaction Oversight: Real-Time Monitoring provides a holistic view of transactions, facilitating thorough assessments to identify potential fraud. 
• Improved Customer Experience: by identifying and whitelisting trusted customers, the system reduces the risk of mistakenly flagging legitimate transactions as fraudulent, thereby enhancing the overall customer experience.  
• Instantaneous Transaction Blocking: suspicious transactions can be blocked in a matter of seconds, effectively thwarting potential fraud as it happens. 

According to representatives from Unit21, traditional solutions have not kept pace with the evolving real-time industry and payment landscape. They believe that Real-Time Monitoring provides companies with the necessary controls to manage real-time risks effectively. 

In the company press release, officials from FV Bank underscored the efficiency of Real-Time Monitoring and described it as a valuable tool because it reduces the need for manual intervention. They also talked about the way their teams manually review transactions and how an automated decision tree could help them allocate more time to focus on riskier transactions and entities. 

In essence, Unit21's commitment lies in delivering new solutions that streamline risk management and empower fraud prevention and AML (Anti-Money Laundering) compliance teams with adaptable tools that can keep up with the dynamic landscape of financial crime prevention. The introduction of Real-Time Monitoring aims to solidify Unit21's position when it comes to redefining how organisations address risk and compliance.

More information about Unit21

Unit21 specialises in delivering solutions that proactively mitigate risks associated with money laundering, fraud, and other illicit activities. With funding from investors such as Google, Tiger Global, and venture capital firms, Unit21 has secured nearly USD 100 million in funding at the time of writing. 

In June 2023, Unit21 revealed some details about a successful USD 45 million Series C funding round led by Tiger Global and South Park Commons. At the time, the company also introduced its Fraud Fighters Manual, which is a book developed in collaboration with fintech leaders and shares insights and lessons to prevent fraud.