Advanced tools secure real-time, bank-to-bank payments at the point of sale
Sionic, a leading provider of omni-commerce, Pay-by-Bank (PbB) payment services announced it is leveraging technology from E-HAWK, a leading provider of quality actionable cyber intelligence tools designed to combat fraudulent registrations, transactions and account activity, for its digital payments services. E-HAWK’s cloud-based online-vetting solution will now be integrated with Sionic’s Verified Rapid PaymentsSM (VRP) Commerce Gateway to help instantly verify and validate payers and payees.
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E-HAWK analyzes each signup or login for risk issues, returning a risk score and other details of risk. When the risk engine uncovers positive attributes, such as a clean IP, positive points are awarded. When high-risk activities are uncovered, such as creating multiple fraudulent accounts, disposable email addresses, fraud, etc., negative points are earned. The more negative the score, the higher the risk.
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Sionic’s trust-based services then use that assessed score to determine if a payer meets the security requirements needed to create a verified credential for PbB transactions through Sionic’s VRP gateway. Sionic’s PbB service can deliver digital cash payments between payers and payees through online, mobile, in-store and in-vehicle experiences.
“With so many virtual threats these days, it is extremely important to protect your business from hackers and any other fraudulent online activity,” said Peter Cholnoky, E-HAWK CEO. “We are pleased to partner with Sionic to further streamline the onboarding approval process while mitigating risk by quickly identifying and preventing fraudulent and potentially destructive activities.”
Sionic’s VRP gateway was designed to address the significant challenges facing faster payments in the U.S. whether on The RTP® Network or upcoming FedNow™ bank rails, including one of the most prevalent threats, fraud. Now featuring E-HAWK’s innovative technology, all PbB payers will be instantly verified and validated as Sionic’s VRP solution automatically performs comprehensive risk assessments in real-time, leveraging big data, machine learning, pattern recognition and advanced analytics. The onboarding process is frictionless and once verified, payers may seamlessly navigate through Sionic’s PbB experience, aided by AI-guided assistance.
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“The payments industry has undergone massive changes at an incredibly rapid pace,” said Matt Watson, chief technology officer at Sionic. “We recognize that despite the tremendous progress, fraud remains a top concern and one of the primary obstacles standing in the way of mass adoption of real-time payments. We have taken great strides to mitigate fraud on digital payment transactions and leverage technology from one of the industry’s most advanced providers like E-HAWK, by integrating proven security protocols to provide our customers peace-of-mind that all transactions are secure.”
Sionic’s PbB is the industry’s first real-time payments service enabling bank-to-bank digital cash deposits at the point-of-sale for commerce transactions in the U.S. market. This comes at a time when merchants are responding to consumer demand by allowing more widespread digital payment options. In addition to receiving funds instantly, merchants may save an average 60% on credit card swipe fees.
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