Lumin Digital, a leader in cloud-native digital banking solutions, announced its latest partnership with Advanced Fraud Solutions (AFS), a trusted leader in fraud prevention solutions. The collaboration will deliver next-generation Positive Pay solutions from AFS to Lumin Digital’s community of financial institutions, empowering them to protect business account holders from the rising tide of payment fraud.
Positive Pay by AFS safeguards businesses against check and ACH fraud through cross-referencing issue files, applying custom transaction rules, and utilizing AI-powered payee match analysis. By integrating this solution into Lumin Digital’s secure and adaptable digital banking platform, financial institutions can deliver a proactive fraud prevention experience to business clients.
The addition of Positive Pay by AFS to Lumin Digital’s platform—known for delivering secure, intuitive, and future-ready digital banking experiences—strengthens its ability to meet the needs of financial institutions and their business clients, particularly in an era when fraud prevention and operational efficiency are top priorities.
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“Lumin Digital is committed to delivering secure, safe, and preventative tools that empower our customers to protect themselves. Our partnership with AFS is an important step that helps ensure the Lumin Digital platform provides clients with the strongest possible defense against payment fraud,” said Sean Weadock, Chief Product Officer at Lumin Digital. “As the payments landscape evolves, we look forward to our continued partnership with AFS for enhanced security offerings.”
Business banking fraud continues to rise, posing significant risks to payroll, invoicing, and other critical financial processes. According to the 2023 AFP Payments Fraud and Control Survey Report, 65% of organizations experienced attempted or actual payments fraud in 2022, which increased to 80% in 2023, highlighting the growing need for proactive fraud prevention solutions like Positive Pay.
“Business clients are among the most valuable account holders for financial institutions, and providing them with the highest level of service and security is more important than ever,” said Jordan Bothwell, VP of Strategic Partnerships at Advanced Fraud Solutions. “Our partnership with Lumin Digital empowers institutions to deliver exactly that—a solution for protecting their clients from fraud while enhancing their digital banking experience.”
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