Bottomline Named a Major Player in Enterprise Fraud Management in Banking by IDC MarketScape
PORTSMOUTH, N.H., July 20, 2020 (GLOBE NEWSWIRE) -- Bottomline (NASDAQ: EPAY), a leading provider of financial technology that makes complex business payments simple, smart and secure, has been named to the Major Players category in the just-released IDC MarketScape: Worldwide Enterprise Fraud Management in Banking 2020 Vendor Assessment (Doc # US45617020, July 2020).
Bottomline’s Cyber Fraud and Risk Management (CFRM) for banking includes Secure Payments, Insider Fraud, Enterprise Case Manager, and Compliance solutions.
Bottomline’s Cyber Fraud and Risk Management (CFRM) offering is used by hundreds of banks and corporations worldwide to manage fraud related to all fraud typologies, including a well-established insider fraud capability.
The IDC MarketScape report noted that “Bottomline has quietly built a solid and comprehensive fraud management offering with unique functionality” leveraging user behavior analytics as a foundational technology. The report also noted that, “The web fraud and security capability is uncommon for an enterprise fraud management provider platform.”
The IDC Financial Insights study presents a 2020 vendor assessment of worldwide enterprise fraud management (EFM) technology providers. The research quantitatively and qualitatively assesses multiple characteristics that help explain a technology supplier’s success and position in the marketplace relative to its peers.
Covering Bottomline’s strengths, the report cited several key areas, including:
- Secure payments enabled through advanced user behavior analysis of customers’ monetary and nonmonetary behavior in context, which also integrates security capabilities to identify the presence of malware on end-user devices as well as other device and user attributes
- Screen-by-screen replay of user sessions to significantly aid alert investigation workloads
- Highly explainable, self-learning machine models, which minimize model retraining efforts
- An advanced insider fraud capability with a library of configurable rules to detect anomalies in work patterns
Steven D’Alfonso, Research Director, IDC Financial Insights, said, “Banks should consider fraud as a strategic priority within the overall digital transformation strategy of the organization. Forward-looking banks view fraud management as an important component of managing the customer experience, leveraging fraud analytics to enhance product and service offerings. The growth of digital and mobile banking necessitates that banks can identify potential fraud in real time. In addition, they must be agile enough to quickly adapt to changing fraud threats and trends, identify suspicious activity across channels, and detect organized ring activity. Congratulations to Bottomline on its strong performance in this report.
“Banks understand that if the payment is not secure, nothing else matters. Frictionless convenience is more important than ever, but every part of the transaction is under attack from fraud and financial crime—first mile, last mile and every point between,” said Omri Kletter, VP, Cyber Fraud and Risk Management, Bottomline. “That philosophy and the technology underlying CFRM have protected billions of dollars of payments per month on our proprietary platforms, such as Paymode-X and Digital Banking IQ, for years. We’re increasingly escalating the power of its benefits for our customers and the global banking marketplace.”
To download an excerpt of the IDC MarketScape report, please visit .
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors
About Bottomline:
Bottomline (NASDAQ: EPAY) makes complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit .
Media Contact:
John Stevens
Bottomline
(978) 914-0735
Jacqueline Powell
Bottomline
0044 7894256448
