Stouffville, Canada – April 27, 2010: Strategic Information Technology Limited ("SIT") 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 SIT. “Although debit card chip functionality can address some needs for fraud detection, the need for velocity monitoring will not go away."
SIT’s 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.
SIT, formed in 1988, develops and markets Portfolio Plus, an extensible banking system that enables customers to plug-in new functionality as required. This is accomplished via SIT's unique Plug-In BankingTM architecture, an Open Banking InterfaceTM, and a Financial Services BusTM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables credit unions, banks, trust companies and building societies to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit cards, and credit bureau interfaces. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.
SIT can be reached at (www.stratinfotech.com) or by phone at 905-640-0808.
Portfolio Plus, Plug-In Banking, Open Banking Interface, and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.
Forward-looking statements in this document are based on current expectations that are subject to risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the software industry, the ability of SIT to continue to execute its growth and development strategy, and the reliance of SIT on key personnel. SIT assumes no obligation to update forward-looking statements, or to update the reasons why actual results could differ from those that are projected.
SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.
For more information:
Strategic Information Technology
Telephone: 905-640-0808 x452
Questions? We have answers.
This page was created or refreshed on June 17, 2019 @ 15:30:31
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: Debit Card Velocity Monitoring