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.