NEWPORT BEACH, Calif. & NEW YORK–(BUSINESS WIRE)– FundingShield, a market-leading fintech providing plug-and-play solutions to manage risk, compliance, and fraud prevention, has entered a partnership with SitusAMC, a technology firm whose innovative, trusted solutions power the lifecycle of commercial and residential real estate finance. Together, the partners hope to protect financial institutions from the rapid increase in wire and title fraud in recent years.
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 FundingShiel’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.”
About SitusAMC
SitusAMC is a leading independent provider of technology, strategic outsourcing, talent and advisory solutions to the commercial and residential real estate finance industries. The company helps clients identify and capture opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity. For more information visit www.SitusAMC.com.
