Westpac New Zealand Launches ACI Proactive Risk Manager for Fraud Detection and Prevention

Westpac New Zealand has implemented ACI Proactive Risk Manager for Enterprise Risk solution on IBM's System z platform, announced ACI Worldwide, Inc. , a New York-based provider of electronic payments software and solutions. Westpac New Zealand chose the ACI solution to strengthen its fraud detection and prevention capabilities, to protect against the rising volume of fraudulent activities occurring worldwide.

In a statement, Terry Mortensen, head of fraud and security at Westpac New Zealand, said, "Within a few days of implementing ACI's Proactive Risk Manager, it alerted us to fraud, which we were then able to prevent. Immediately, we were confident in assuring our customers, and prospective customers, that we can provide them the risk-free service they need in the current financial climate." The bank implemented real-time rules to monitor potentially suspicious transactions within the authorization process, therefore identifying and preventing fraud. The configurable rules scoring engine gives the bank the agility to respond to changing fraud patterns, according to ACI.

Westpac New Zealand also has utilized ACI's BASE24 for its payment processing for 20 years, handling an average of 1.6 million transactions per day. With the integrated combination of BASE24 and Proactive Risk Manager, the bank can provide a service that it says is faster, safer, more cost effective and reliable.

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio