SAN FRANCISCO, January 19, 2024 – Unit21, a leading provider in risk and compliance solutions, proudly announces it is now featured as an approved Risk Management and Fraud service provider in the FedNow Service Provider Showcase, marking a significant milestone in its mission to facilitate secure and efficient real-time payments. By adopting FedNow, institutions can now elevate their real-time fraud monitoring capabilities to strengthen their customer engagement with Unit21.
Transition to Fraud Prevention with FedNow Adoption
The landscape of real-time payments is undergoing a rapid transformation, according to ACI’s 2023 Prime Time for Real-Time Report, real-time payments are projected to grow from 1.8 billion to 8.9 billion by 2026. Additionally, the 2023 AFP Payments Fraud and Control Survey revealed that in 2022, 65% of organizations experienced payment fraud attacks.
This significant growth in volumes and fraud, further boosted by the launch of FedNow, highlights the necessity for organizations adopting FedNow’s real-time payments rail to have a plan in place to keep their platform (and users) safe. Unit21’s Real-Time Monitoring solution is ideal for institutions using low-latency payment rails. Our industry-leading sub-second response times enable efficient API integration across a wide range of clients, ensuring real-time fraud prevention.
The key benefits of Unit 21’s Real-Time Monitoring include:
- Prevent fraud losses with real-time rules so you can confidently block high-risk FedNow transactions
- Quickly adapt to new fraud tactics and enhance your defense with our no-code interface without waiting to react with engineering support
- Seamlessly integrate with FedNow via open APIs for efficient implementation and easy adaption to future changes in the FedNow service
“Organizations gearing up to integrate FedNow’s real-time payments rail must proactively consider which defense strategies to use to mitigate payment fraud threats, “ said Trisha Kothari, CEO of Unit21. “Unit21 is a clear choice in helping organizations enhance their competitive edge but also significantly reduce real-time fraud-related losses.”
Take the Next Step:
Ready to enhance your payment strategies with Unit21? Book a Demo today.
For more information about Unit21’s Real-Time Monitoring solution and fraud prevention capabilities, visit Unit21’s Real-Time Monitoring.
Unit21 is on a mission to unite the world’s fraud fighters and AML heroes to see the financial ecosystem restored to the pathway of opportunity it was meant to be. We specialize in delivering solutions that don’t just identify but proactively mitigate risks tied to money laundering, fraud, and other illicit activities. Uniquely positioned to solve the problem of financial crime and well-funded, we have raised close to $100 million from Google, Tiger Global, and other leading VCs.