Bits In Glass digitizes Payoneer’s fraud prevention process reducing investigation handling time by 40%
Denver, CO – October 26, 2020 – Bits In Glass, a software consulting firm helping companies digitally transform their operations, is proud to announce that its client, Payoneer, one of Forbes Fintech 50: Most Innovative Fintech Companies in 2020, has digitized its fraud prevention process for completing suspicious activity investigations.
Payoneer is a fintech company that provides business-to-business money transfers, digital payment services, working capital, and cross-border transactions in 200 countries and 150+ local currencies.
“Payoneer’s fraud prevention process of identifying, completing, and submitting Suspicious Activity Reports (SARs) to the United States Department of Treasury was highly manual and time consuming,” says David Hauser, Bits In Glass Founding Partner and Appian Lead. “In automating the process with a custom built digital application, we’ve helped the company reduce its investigation handling time by 40%, better protecting its customers and account holders.”
Previously, Payoneer employees had to manually work through identifying suspicious activity, completing investigations across multiple disconnected systems and manual paper-based forms, filling out SARs, and submitting them to the Department of Treasury. This has now been transformed into a fully digital process leveraging Appian, streamlining the workflow for employees and eliminating manual data entry and its associated risks.
“Working with Bits In Glass to automate our fraud prevention practices has greatly improved our productivity and increased company-wide efficiencies,” says Sharon Dvir, Risk Automation & technology Group Leader with Payoneer. “In addition to providing us with a streamlined and automated solution, they also invested in training and coaching our developers, enabling us to be self-sufficient and successful well into the future.”
With more than four million customers, 20+ global offices, and 1,500 employees worldwide, Payoneer was valued at over $1 billion in 2019. By automating its SAR process, the company has not only improved productivity, but also reduced its risk and exposure to financial fraud.
Key upgrades:
- Automated activity identification
Automatic generation of cases to investigate are placed in a queue with pre-built logic to determine priority level, eliminating the need for multiple system reports and manual identifiers. - Streamlined investigations
Enabled employees to complete investigations and account actions directly from the new digital application, and exposed all investigation actions in a detailed audit trail for improved visibility. - Integrated reporting
Integrated SARs with the digital application so it can be auto-populated with account and investigation information, eliminating the need for employees to manually fill it out. Plus, the report can now be submitted directly from the application.
