Fiserv Inc. has agreed to use software from eFunds Corp. of Scottsdale, Ariz., to help financial customers of its Fiserv CBS Worldwide protect themselves against fraud and identity theft when opening accounts.
The eFunds ID Verification software, and a subscription to watch lists, will be incorporated into the Fiserv CBS core processing system, which nearly 300 financial institutions use to track deposits and loan accounts, the Brookfield, Wis., financial technology company said Tuesday.
The software helps banks head off money laundering and identity theft by comparing potential new customers by cross-referencing more than 23 billion entries held in several independent databases, including government watch lists. It complies with the USA Patriot Act and regulations from the Office of Foreign Assets Control.
Virginia Garcia, a global strategist for risk management and compliance at Fiserv CBS Worldwide, said in an eFunds press release that the deal would give her customers "access to a market-leading solution that performs both ID verification and comprehensive watch list checking within a single, streamlined process in both real time and batch mode."
