Oct. 16 - ACH Alert has reached an agreement with Portland, Oregon-based Umpqua Bank to provide their customers with fraud protection services.
“ACH Alert’s fraud protection service called A.L.E.R.T. positions Umpqua Bank to be on the leading edge of fraud protection, which is an important service to our customers and communities,” said Charles McNeilly, vice president, Umpqua Bank.
“ACH Alert’s self-service approach allows our customers to have real-time control over their transactions. We were also impressed with the way they worked with us throughout the decision-making process,” McNeilly said.
“The same competitive advantage and market leadership we were able to provide Umpqua Bank is exactly what we aim to provide all our other financial institution clients who understand the importance of taking a strategic approach to fraud prevention,” said Debbie Peace, CEO of ACH Alert. “It’s exciting to see Umpqua Bank’s enthusiasm for our A.L.E.R.T. service and what it does to automate processes for their institution and improve their clients’ banking experience.
McNeilly said the bank had considered other cyber-fraud prevention services but ultimately decided to go with ACH Alert’s service because the patented technology allows subscribing account holders to control the pay-no pay decision for incoming ACH debits. A.L.E.R.T. triggers an actionable alert when an ACH debit arrives, enabling the subscribing account holder to detect fraudulent entries immediately and return them instantly, without financial institution intervention.
Umpqua Bank plans to implement ACH Alert's fraud protection services during 2013 with the intention of converting existing ACH debit filter customers to the A.L.E.R.T. platform to provide a better client experience.
“Another important aspect of the A.L.E.R.T service is that it doesn’t require systems integration but simply inserts into our process flow, and that is significant for us,” said McNeilly.
Peace says advances in mobile and online technologies have enabled real-time delivery and receipt of notifications through multiple channels. By leveraging these advances in technology ACH Alert has created patented solutions that enable financial institutions to ultimately mitigate fraud, decrease overhead, generate revenue and increase profitability.
This real-time debit approval process--which can occur before a debit post--allows an account holder to easily identify trusted trading partners to automatically populate an “approved list” for future transactions, eliminating the need to maintain today’s legacy, labor intensive debit filters.
The patented A.L.E.R.T. service also provides the ability to present a pre-populated written statement of unauthorized debits when the SEC code requires it, granting business customers an extended time window to return certain types of ACH debits and makes returning unauthorized ACH debits of all types, a low-cost, no-risk proposition for RDFIs.
To date ACH Alert’s patented fraud protection system has documented its clients and their customers have deterred more than $20 million of potential fraud.
ABOUT ACH ALERT
ACH Alert provides innovative fraud detection services to financial institutions ranging from community banks to top tier financial institutions. With more than 20 years of industry experience, the founders of ACH Alert are dedicated to assisting financial institutions in mitigating the risks associated with electronic payments. ACH Alert is the 2012 recipient of the Kevin O’Brien ACH Quality Award, the highest award for quality in the ACH Network industry. For more information, visit http://www.achalert.com/www.achalert.com.
ABOUT UMPQUA BANK
Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. Umpqua Bank has 185 locations between San Francisco, California, and Seattle, Washington, along the Oregon and Northern California Coast, Central Oregon and Northern Nevada. Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua Bank’s Private Bank Division serves high net worth individuals and non-profits providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. For more information, visit www.umpquaholdingscorp.com.