Deluxe and Primary Payment Systems Form Alliance to Fight Fraud

Wednesday 9 February 2005 09:34 CET | News

Deluxe Financial Services and Primary Payment Systems, an affiliate of First Data, have formed a strategic alliance to introduce a new service to help financial institutions fight fraud and secure more business.

Deluxe Detect, powered by Early Warning, is a new relationship-screening tool that enables financial institutions to reduce fraud at the new account desk by providing identity verification and reliable risk assessment in real time. New applicants are screened against the Early Warning databases, which contain public and non-public data, including contributions directly from financial institutions and other financial services organizations. The service also helps fulfill key provisions of Section 326 of the USA PATRIOT Act pertaining to identity verification. Furthermore, Deluxe Detect will operate through Primary Payment Systems Trusted Custodian model that protects financial institution data while rewarding the institutions, in the form of revenue sharing, when contributed data provides value to another financial institution. Currently, more than 90 percent of the largest banks in the United States rely upon the Primary Payment Systems Early Warning services. Deluxe Detect reflects Deluxes longstanding commitment to meeting financial institutions needs for increased security and revenue growth. In September 2004, the company launched Deluxe ID TheftBlock, a suite of protection services that monitor credit and checking activities to detect fraud and prevent losses for consumers and financial institutions.

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Categories: Payments & Commerce | Payments General
Countries: World
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