FundingShield partners with TCS to prevent wire fraud
By Gloria Methri
FundingShield, the FinTech providing plug-and-play solutions to manage risk, compliance, and fraud prevention, has entered a partnership with Tata Consultancy Services (TCS), the global provider of IT services, consulting, and business solutions.
Together, with FundingShield’s wire fraud prevention tools and TCS’ deep technology expertise and financial industry experience, the partners hope to protect more lenders, home buyers, and sellers from the increase in wire and title fraud.
As cybersecurity risks become more pervasive, lenders are focusing more on data integrity to ensure that data inconsistencies are resolved, and potential frauds are avoided. FundingShield says that its live ecosystem of service provider source bank data is the largest in the industry with over 95% coverage.
TCS clients can now benefit from direct access to FundingShield’s cost-saving and risk-mitigating ecosystem, allowing them to uphold superior standards in data integrity, bank account verification, and counterparty compliance.
“Wire fraud prevention has become a mandatory capability as part of any mortgage solution, protecting lending institutions from multi-million dollar risks to the third-party closing, title, and settlement entities,” said Santhosh Ananthakrishnan, Global Head – Mortgage Strategic Initiatives, TCS. “We are thrilled to integrate Funding Shield’s award-winning capabilities to deliver superior verification services for our financial services customers.”
“TCS’s global presence, business acumen, and trusted relationships with the world’s largest financial institutions will allow FundingShield to deliver its innovative products straight to the banks who need them the most,” said Ike Suri, CEO of FundingShield. “The safest way to verify information is through automated, real-time, source-data verification, which is FundingShield’s expertise. We look forward to bringing our automations to more of the top US banks, GSEs, and to numerous other sectors where TCS has deep domain knowledge and experience.”
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