NYCUA partners with fraud, risk mitigation FinTech company

NYCUA partners with fraud, risk mitigation FinTech company Quatrro Processing Services (QPS)

ALBANY, N.Y. Feb. 19, 2019: - The New York Credit Union Association has partnered with Quatrro Processing Services, a global fraud and risk mitigation FinTech solution provider. Utilizing anomaly detection via predictive analytic models, algorithms and data-driven decision optimization, QPS provides a competitive advantage and higher return-on-investment for credit unions with enhanced member engagement.

Through the partnership, QPS will offer NYCUA-member credit unions with a preferred rate on their products and services.

“QPS is on the cutting edge of fraud prevention and risk mitigation, and they have a proven track record of success with credit unions of all sizes and complexities,” said NYCUA President/CEO William J. Mellin. “Up until this point, many financial institutions have watched the artificial intelligence revolution from the sidelines. Now, New York’s credit unions have a real opportunity to harness emerging AI and machine-learning technologies in ways previously thought unimaginable.”

QPS’ proprietary platform—known as Fraud Reduction Early Detection, or FRED—is driven by AI that enables machine learning to design and apply algorithms to learn things from past cases and automate at various thresholds to customize rules. However, the entire platform is overseen 24/7 by a human monitor to ensure no anomalies go undetected.

The platform also helps financial institutions comply with anti-money laundering regulations, including the Bank Secrecy Act, as well as regulations imposed by the National Credit Union Administration and the New York Department of Financial Services.

“As tech and human intelligence converge on common ground, there is no way to secure transactions without innovative AI and machine learning technology and advanced data analytics,” said QPS President & COO Sriram Natarajan. “At QPS we care about members concerns. Their No. 1 priority is to never fall victim to fraud while not get declined at the point of sale. FRED by QPS epitomizes false-positive management and will help NYCUA credit unions to further enhance their member experience.”



About Quatrro Processing Services
Quatrro Processing Services (QPS) is a global fraud & risk mitigation FinTech solution provider helping financial institutions including credit unions through secure infrastructure and a combination of services and business processes. QPS’ suite of services includes End to End (e2e) fraud prevention technology and services solutions supported with cutting edge technology, data sciences and behavioral analytics, clubbed with a combination of artificial and human intelligence for effectively evaluating transactional patterns and detect anomalies. To learn more about QPS, visit https://www.qpsinternational.com/


About the New York Credit Union Association
For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $83 billion in assets and serve 5.8 million members. NYCUA advances the credit union movement by advocating, educating, uniting and supporting the interests of all New York credit unions. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.yourmoneyfurther.com.



Contacts

R.J. Tamburri, NYCUA Communications Director
(800) 342-9835, ext. 8137 | rj.tamburri@nycua.org

Ankit Maharaj Singh, QPS Vice President
(262) 671-2928 | ankit.maharaj@quatrro.com



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"Our use of QPS's Managed Services allowed us to seamlessly and effectively extend our existing staff into after hours, weekend and holiday coverage to match the never ending efforts of the fraudsters. Their collaborative approach to partnering with Bethpage and our combined laser focus on transaction monito ring has resulted in quite significant confirmed fraud saves and a higher level of member service."

Robert Hoppenstedt/

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