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In banks, credit unions and other financial institutions worldwide, KYC specialists, fraud analysts, risk officers and executives are all being asked to make “data driven” decisions.

More and more critical company information is being housed in data lakes and “the Cloud” and new infrastructure via countless SaaS offerings and other software solutions. Business intelligence, metrics and data – which might once have been living in spreadsheets, databases, or locked behind web interfaces – are often frustrating to access and use.

For FiVerity, our Application Programming Interface (API) is a set of definitions for financial services companies to seamlessly connect their company data and interact with our software. While the most common use case is data retrieval, APIs provide the best means today for financial services companies to access and manipulate data that is stored or provided by 3rd party systems.

FiVerity provides our customers with secure information collection tools that extract and anonymize data contained in legacy systems by connecting to the company’s SynthID® fraud detection models during the account opening and loan origination process. Our platform uses APIs to ensure the security and privacy of consumer data, compliant with Gramm–Leach–Bliley Act and other statutory requirements.

The advantages of using APIs are they:

  • Use real-time analytics and accurate metrics to measure the success of your anti-fraud and account onboarding programs
  • Speed up anti-fraud detection and remediation processes
  • Collaborate with other financial institutions to exchange fraudster information faster

APIs were invented to free data from the clutches of legacy systems, data warehouses, web applications and other software in a secure manner. With APIs you can detect and prevent costly the synthetic identity fraud and cyber fraud hacks which plague the financial services industry today.

If you want more information about FiVerity anti-fraud solutions, go here.