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IkeSuri, Chairman & CEOCurrently, to address the prevalent challenges in the mortgage and housing arena, the company has developed solutions that help all relevant parties defend their transactions from malicious entities and driving verification, validation and screening processes that prevent the opportunities for wire and title fraud. Additionally, FundingShield also provides SaaS offerings with unparalleled scalability and security to enable the remote execution of critical vetting tasks required for regulatory risk compliance surrounding these numerous service providers involved in the mortgage finance process. The SaaS manages several relationships and drives automation and consistency around these tedious processes. In 2020, the company has also developed a product to help clients perform single-click API based integration, which enables firms to securely execute data transfer quickly while working from any secure permitted connection. Today, FundingShield's product portfolio comprises three core products, namely, the Guardian Service, Wire Account Verification Service (WAVS), and Service Provider Compliance (SPC) offerings.
Delving deeper, the Guardian product Service is a comprehensive transaction-level certification that is designed to aid clients in verifying, validating, and vetting all the stakeholders involved in a transaction, thereby minimizing the opportunities of wire and title fraud.
"Our Guardian solution has a transaction level coverage of up to USD 2 million, which is unique in today's housing industry," adds Suri. FundingShield's WAVS product is precisely focused on ensuring that a client's mortgage-related wire transfers reach the intended party in a safe and timely manner as a form of payee validation. The WAVS solution is used by lenders or consumers to ensure that all their leads can effectively perform wire transfers and complete their transactions securely. WAVs add additional value through its rich data that can recognize fraudulent parties or entities that do not have the licenses to conduct settlement services. WAVS also aids consumers purchasing a home in overcoming the market vulnerabilities specific to borrowers who have been the target of the rising amount of attacks. Lastly, FundingShield's SaaS-based SPC solution help lenders, investors or other real estate finance-focused entities automate their documentation submission by collecting housing vendor data where the tools manage the assessment and approval process in a secure, controlled and audited environment. SPC expands and enhances a bank's vendor repository and helps them keep track of any changes in their licensing status and other critical regulatory requirements in real-time. As a result, lenders can safely collaborate with validated and vetted vendors, thereby minimizing their losses and driving better relationship with approved and compliant vendors they transaction with as part of daily operations. "Stitching together our solution as part of risk, operations and control framework delivers a comprehensive solution not just for preventing wire and title fraud, but for enhancing asset quality, controls, and the efficiencies of vendor management that result in cost savings and gathering of real-time actionable intelligence," mentions Suri.
We provide plug-and-play, cloud-based, risk-free, and highly scalable solutions to aid our clients protect their housing and title transactions with ease
FundingShield has ignited several successful mandates over the past few years. In one case, the company helped a top 10 U.S. money lender efficiently transition the workforce into a work-from-home setting without interruption to closing processes and maintained risk standards. "In this project, the client wanted a proven, seamless, plug-and-play solution that could integrate quickly and be used effectively by the staff. We were able to deliver this in the middle of a global pandemic as risk increased systematically while preventing several fraud attempts and improving title procurement and documentation relative to pre-pandemic challenges the client faced," states Suri. With FundingShield's portfolio, the customer was able to manage its transitioning workforce while ensuring that all their operations were performed safely and seamlessly regardless of their employees' location.
Moving into the future, FundingShield aims to expand its workforce's technical and professional competency adding to its experts from the Fintech, cybersecurity, mortgage, analytics, and software development arenas. Concurrently, the company is collaborating with several financial institutions and strategic partners to pave the way to continue its significant growth in the coming years. To conclude, Suri reiterates FundingShield's mission, "We want to deliver world-class, cutting-edge solutions in the mortgage FinTech arena and be true to our partners while helping them resolve wire and title fraud and compliance issues."
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Company
FundingShield
Management
IkeSuri, Chairman & CEO
Description
Provides a comprehensive portfolio of products and services to help firms with their need for a safe and efficient way to ensure the security of their mortgage and refinancing wire transactions
Data security, payment risk and cybersecurity risks have become more pervasive in the banking space. Lenders are seeking tools to provide data integrity ensuring inconsistencies are resolved and potential frauds are prevented. FundingShield’s live ecosystem of service provider source bank data is the largest in the industry with over 95% coverage. Clients of SitusAMC’s warehouse lending platforms ProMerit and WLS can now benefit from direct access to FundingShield’s cost-saving and risk-reducing ecosystem via API and data integrated solutions, allowing them to uphold superior standards in data integrity, bank account verification, and counterparty compliance.
ProMerit and WLS are the industry’s leading warehouse lending technologies, centralizing all lending functions and allowing banks to efficiently manage, track, fund and secure repayments. The platforms easily integrate with LOSs and other third-party systems and automate tasks, reports and more. ProMerit is now SaaS-enabled, more secure than ever, and delivers updates and new features automatically.
“Wire fraud prevention is a key priority for SitusAMC clients, and with the rise in cyber-based threats and payment-related fraud our integration with FundingShield will allow for easily accessible risk management solutions to address these concerns,” said Rich Berg, SitusAMC’s Senior Director of Warehouse & Custodial Technology. “We are excited to deliver FundingShield’s industry leading wire fraud prevention solutions through SitusAMC’s leading warehouse lending technology.”
“SitusAMC has great relationships with over 1500 financial institutions that will allow FundingShield to deliver integrated cutting-edge financial technology to combat wire fraud,” said Ike Suri, CEO of FundingShield. “Our expertise is providing automated, real-time, source-data verifications for compliance and risk management. We look forward to bringing our automations to more of the top US banks, residential and commercial real estate lenders where SitusAMC has deep domain knowledge and experience.”