FundingShield Leverages Mastercard Open Banking to Expand Payment Verification Solutions, Preventing Wire and Payment Fraud
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–#compliancemanagement–FundingShield, a market-leading, cloud-based firm providing fintech solutions to manage risk, compliance and fraud prevention, has entered a partnership with Mastercard to leverage its open banking platform delivered by Finicity, a Mastercard company. FundingShield provides live, source data-based technology products and SaaS solutions that have been used to secure the funds of over $2.5 trillion in mortgage closings.
FundingShield CEO Ike Suri shared, “FundingShield has over 95% coverage of licensed service providers in the real estate, mortgage, closing and settlement space in our live repository. This partnership with Mastercard allows us to leverage its open banking connectivity of over 95% of U.S. based deposit accounts for consumer-permissioned access to real-time, bank–sourced data to expand our B2B and B2B2C payment verification solutions for clients.
“With this partnership we deepen our offerings in the mortgage, title and real estate space as a one–stop shop. Further, this is a natural extension of our scalable and malleable solutions with applications across numerous sectors. We are actively engaged and delivering loss prevention tools for accounts payable, treasury, and supplier risk management teams across several industries.”
FundingShield’s solutions manage risk for B2B and B2B2C firms facing a surge of cybersecurity threats like hacking and fraud. FundingShield’s payment verification solutions support bank account ownership that is confirmed with consumer-permissioned data from the banking institution where the account is held, using Mastercard’s open banking platform. This source data is then used to help approve payments ahead of a FundingShield client initiating a wire, ACH, or other payment method from the customer’s banking institution.
This partnership expands FundingShield’s offering within the real estate, mortgage and title sector with solutions that protect buyers, sellers, brokers, bank and non-bank lenders, warehouse lenders, and title and settlement entities. More broadly, the firm’s solutions provide risk management surrounding payments to vendors, suppliers, and other outgoing fund recipients in markets where cybersecurity experts estimate cybercrime costs to reach over $10 trillion annually by 2025.
Ike Suri commented, “Payment fraud is growing across all industries in the United States with little to no recourse and limited avenues for insurance coverage for impacted parties. Companies need to equip their staff with loss prevention and risk management tools to protect against the evolving threat actors and fraud schemes. Cybersecurity starts at the top, from a leadership perspective.”
For more information on FundingShield or the partnership with Mastercard, contact [email protected].
About FundingShield:
FundingShield is a FinTech offering B2B & B2B2C solutions delivering transaction level coverage against wire & title fraud, settlement risk, closing agent compliance & cyber threats while reducing operating costs and improving asset quality for US real estate investors and U.S. mortgage finance companies. FundingShield’s user-centric, plug-and-play tools are scalable, pay-per-transaction, secure, cloud-based and are integrated via APIs or intelligent UIs driving a client ROI of over 400% on operational cost savings alone.
FundingShield is a 5-time HousingWire TECH100 Winner for 2019-2023; CFO Tech Outlook Top 10 Financial Security Solution Provider; 2021 and 2022; Inc. 5000 award recipient (in the Top 500), California Mortgage Bankers Association Tech Innovator, an ICE Mortgage Technology (InterContinental Exchange – parent of NYSE) Encompass partner and an IBM cloud services partner.
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