Banking and payments technologies provider FIS has signed a deal to offer its card processing and fraud protection services to Amalgamated Bank of Chicago.
The five-year agreement with FIS is aimed at identifying fraud patterns and minimising fraud before it occurs.
“FIS’ card and merchant processing, as well as fraud solutions will bring us to a new level of efficiency,” said Jonathan Telzrow, senior vice president for the Amalgamated Bank of Chicago. “The combination of increased system flexibility, robust functionality and improved cardholder experience were all key differentiators for us.”
The new system – FIS Fraud Alert Management is a fraud management platform that monitors multiple types of cards by processing credit, debit and prepaid transactions on the same platform. The system makes use of a fraud protection program – FIS secured, which identifies emerging fraud patterns using enhanced data mining tools.