Tata Consultancy Services (TCS) and FundingShield have partnered to enhance accessibility to wire fraud prevention tools in the financial services industry.
With the increasing prevalence of cybersecurity risks, lenders are placing greater emphasis on data integrity to prevent potential frauds, the companies said in a Tuesday (Sept. 5) press release.
FundingShield offers an ecosystem of service provider source bank data, providing over 95% coverage in the industry, according to the release. By partnering with TCS, FundingShield can offer its cost-saving and risk-mitigating solutions to TCS clients, enabling them to maintain high standards in data integrity, bank account verification and counterparty compliance.
This collaboration allows TCS to leverage FundingShield’s expertise and provide enhanced protection to their clients, the release said.
“Wire fraud prevention has become a mandatory capability as part of any mortgage solution, protecting lending institutions from multi-million dollar risks to the third-party closing, title and settlement entities,” Santhosh Ananthakrishnan, global head of mortgage strategic initiatives at TCS, said in the release.
Ike Suri, CEO of FundingShield, added: “TCS’s global presence, business acumen and trusted relationships with the world’s largest financial institutions will allow FundingShield to deliver its innovative products straight to the banks who need them the most.”
TCS is an IT services, consulting and business solutions organization that has been assisting some of the world’s largest businesses in their transformation journeys for over 55 years, according to the press release. As part of the Tata group, India’s largest multinational business group, TCS operates in 55 countries.
In one recent development, TCS signed an 840 million pound (about $1.1 billion) contract with British pension plan Nest for an initial period of 10 years. The contract is aimed at improving Nest’s administration services and could potentially be worth 1.5 billion pounds (about $1.9 billion) if extended for the entire 18-year tenure.
FundingShield is a FinTech company that offers B2B and B2B2C solutions to combat wire and title fraud, settlement risk, closing agent compliance and cyber threats, the release said. Its user-centric, plug-and-play tools are scalable, secure and cloud-based, providing transaction-level coverage and reducing operating costs for real estate investors and mortgage finance companies in the United States.
