Bottomline Technologies Launches Payment Fraud Solution For SWIFT Members

Bottomline Technologies, a provider of technology solutions to help businesses pay and get paid, announced Tuesday (April 18) that it is leveraging its experience in cyber fraud risk management solutions to launch a new payment fraud solution for members of the SWIFT payment network.

In a press release, the company said the solution is being made available to users of SWIFT transactions on Bottomline’s cloud and to on-premise users, including some of the world’s largest 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).

“The payments security landscape is more complex than ever before,” said Boaz Krelbaum, managing director of Cyber Security at Bottomline Technologies, in the press release. “We’re proud to be able to offer SWIFT network members market-leading, real-time protection. The ability to potentially prevent fraudulent payments from being executed before they happen will give our customers an advantage in the battle against fraud.”

According to Bottomline, by June of this year members of the SWIFT network will be 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.

Last month, NCR Corporation, a global leader in omnichannel solutions, announced that Bottomline Technologies has integrated Authentic, NCR’s intelligent transaction processing platform, into its Direct Faster Payment Service (FPS) solution. This new technology will allow U.K.-based financial institutions to connect securely to the Faster Payments network.

According to Finextra, U.K.-based financial institutions have always had to gain access to the Faster Payments network through larger sponsor banks that provided indirect links to the service. But in June 2016, after Bottomline Technologies’ Universal Aggregator service became one of only five FinTechs awarded the “trust mark” certificate, it was granted direct technical access to Faster Payments.