Deutsche Bank, TIS Partner On Corporate Fraud Prevention

Deutsche Bank and Treasury Intelligence Solutions (TIS) will be entering a strategic partnership in order to work on multi-bank issues, including fraud, according to a press release.

The focus is on “new and innovative products and services combining the complementary capabilities and skills of an experienced payment platform provider with the expertise of a global corporate bank,” the release stated.

In terms of fraud, the partnership will enact a new solution to use Deutsche Bank’s experience in fraud prevention with the cloud software from TIS. The release noted payment fraud as a major source of trouble for chief financial officers and finance departments.

The service will go beyond the payment data of individuals, leveraging the knowledge of all corporates with the service, letting the shared data stay anonymized, according to the release. It will improve fraud detection before the payment instruction leaves a client’s system, representing “true co-creation” as it works with the customers in order to understand challenges and pain points.

“Harnessing both company and community data to solve key challenges, such as fraud prevention, together with Deutsche Bank is a big win for our customers,” said TIS Co-Founder and Chief Product Officer Erol Bozak in the release.

“Establishing client solutions that are beyond traditional financial services by leveraging Deutsche Bank’s expertise in global payment markets is a key focus area for us,” said Deutsche Bank Global Head of Cash Management Ole Matthiessen in the release. “Partnering with TIS and combining our strengths with an established provider of technology-enabled treasury services will provide our clients with a state-of-the-art, multi-bank-enabled risk management tool to mitigate an ever-increasing fraud risk.”

Payments cyber fraud is becoming more sophisticated, according to Jim Lerdal, executive vice president of Operations at PULSE, who told PYMNTS that it is largely evolving past using ATMs and point-of-sale (POS) systems for fraud and into a more organized effort with rules and structure, which will require more education and diligence to find.