In a strategic move aimed at bolstering data security and fraud prevention in the banking sector, fintech firm FundingShield has partnered with technology company SitusAMC.
The collaboration aims to safeguard financial institutions against the growing threat of wire and title fraud, which has seen a rapid increase in recent years.
FundingShield, known for its plug-and-play solutions that manage risk, compliance, and fraud prevention, has brought its expertise to the table. SitusAMC, on the other hand, is renowned for its innovative solutions that power the lifecycle of commercial and residential real estate finance.
The partnership couldn’t come at a better time, as data security, payment risk, and cybersecurity risks have become pervasive concerns within the banking industry. Lenders are actively seeking tools to ensure data integrity, resolve inconsistencies, and prevent potential fraud.
One of FundingShield’s standout offerings is its live ecosystem of service provider source bank data, which boasts the largest coverage in the industry, exceeding 95%. This extensive coverage will now be accessible to clients of SitusAMC’s warehouse lending platforms, ProMerit and WLS, through API and data integrated solutions.
SitusAMC warehouse and custodial technology senior director Rich Berg said: “Wire fraud prevention is a key priority for SitusAMC clients, and with the rise in cyber-based threats and payment-related fraud our integration with FundingShield will allow for easily accessible risk management solutions to address these concerns.
“We are excited to deliver FundingShield’s industry leading wire fraud prevention solutions through SitusAMC’s leading warehouse lending technology.”
The collaboration empowers financial institutions to uphold superior standards in data integrity, bank account verification, and counterparty compliance. ProMerit and WLS, being industry leaders in warehouse lending technologies, centralize all lending functions, streamlining the process for banks to manage, track, fund, and secure repayments.
These platforms also offer seamless integration with LOSs and other third-party systems, automating various tasks and reports. Notably, ProMerit has been upgraded to be SaaS-enabled, enhancing its security features and providing automatic updates and new features.
FundingShield CEO Ike Suri said: “SitusAMC has great relationships with over 1500 financial institutions that will allow FundingShield to deliver integrated cutting-edge financial technology to combat wire fraud.
“Our expertise is providing automated, real-time, source-data verifications for compliance and risk management. We look forward to bringing our automations to more of the top US banks, residential and commercial real estate lenders where SitusAMC has deep domain knowledge and experience.”
