FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, today announced that it has experienced strong growth for its QualiFile ® deposit account risk scoring solution among ChexSystems ® network members. The QualiFile solution, offered by Chex Systems Inc., a wholly-owned subsidiary of FIS, evaluates the risk of the deposit account applicants. Year-to-date, nearly 88 percent of the 8,500 ChexSystems network members rely on QualiFile to automatically score demand deposit accounts (DDAs). Key drivers for this demand include ongoing regulatory changes, the need for financial institutions to establish profitable relationships with consumers and a continuing need to mitigate risk for account holders.
“FIS’ risk portfolio provides leading solutions to help financial institutions address the perpetually changing regulatory and compliance requirements and combat the growing challenge of preventing fraudulent activity and mitigating risk,” said Anthony Jabbour, executive vice president, FIS North American Financial Institutions. “In 2011, FIS’ risk management products saved our clients an estimated $1.3 billion in fraud and abuse losses for demand deposit accounts. Our internal research shows a typical fraud loss averages $1,200 and typical abuse loss is about $400. The need for solutions to confront these issues is growing and FIS continues to raise the bar in combatting these industry-wide problems.”
The extensive FIS risk solutions portfolio, delivered through its ChexSystems suite of products, helps clients automate and streamline processes that detect and prevent new types of fraudulent activity while minimizing risk. Together, QualiFile, ID Verification and ID Authentication create a comprehensive solution to satisfy know-your-customer compliance requirements, while mitigating identity fraud and behavioral risk. All three solutions are powered by multiple data sources, including DebitBureau ®, the strongest national network of debit data from more than 8,500 financial institutions. With such powerful data behind them, the solutions match and verify identity data and generate behavioral risk scores and automated decisions for up to 95 percent of the U.S. population.
Ongoing regulatory changes and the need for financial institutions to establish profitable relationships with consumers while mitigating risk have contributed to both new sales and renewal deals for QualiFile, the industry-leading statistical risk scoring solution for deposit account origination. A component of the FIS risk management portfolio, QualiFile provides real-time account opening decisions for DDAs. Now with the addition of public record and alternative lending data, QualiFile can find more data and return useful information for nearly every applicant.
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