Stouffville, Canada – April 27, 2010: Portfolio+ Inc. is pleased to announce that PACE Savings and Credit Union ("PACE") has taken delivery of new debit card velocity monitoring enhancements for Portfolio Plus.
Velocity monitoring is a technique used in the banking industry to detect potential fraudulent use of a debit card by analyzing sudden and dramatic changes in debit card usage.
"We needed a way to monitor our debit cards that would be flexible enough to accommodate the usage patterns of our members" said Mary Benincasa, Chief Operating Officer at PACE. "This new functionality will allow us to lower the cost of monitoring while increasing protection for our members."
Velocity monitoring for Portfolio Plus includes settings that allow credit union managers to change the level of velocity monitoring for a specific member and a specific date range. This helps accommodate changes in spending due to a wedding, or the birth of a child, or moving into a new house. For these types of events, a credit union manager can simply change the level of velocity monitoring to accommodate a predictable change in spending habits.
"Some of our best features get added to Portfolio Plus as a result of a customer request and velocity monitoring is a great example,” said G. Robert Leeming, President of Portfolio+ Inc. “Although debit card chip functionality can address some needs for fraud detection, the need for velocity monitoring will not go away."
Portfolio Plus software platform enables credit unions, and other financial organizations, to implement their own flavour of banking to capture market advantage. Portfolio Plus, with its Plug-In BankingTM architecture, enables financial organizations to add functionality as they require it, allowing for maximum strategic flexibility.
Established in 1938, PACE Savings & Credit Union Ltd. is a leading financial institution and one of Ontario's largest credit unions with over $360 million in assets and close to 26,000 members. Offering a full range of financial products, aggressive power rates and a dedication to personalized service, PACE provides a superior banking experience to individuals, businesses and non-profit organizations in the communities it serves.
Portfolio+ Inc. connects financial institutions with customers and partners using innovative technologies. Its software solutions and open banking technology are used by financial institutions in Canada, Ireland, and the UK. With its powerful +Open Banking Platform and fully documented APIs, Portfolio+ has the power to connect banks, credit unions, and financial institutions with an evolving ecosystem of financial services technology that is putting everyday customers in control of their financial data.
Located in the Greater Toronto Area (GTA), Portfolio+ is used by 6 of the 7 largest financial institutions in Canada and is a part of Volaris Group Inc.