Payment consists of many transactions and business processes, and it starts with a sale or purchase order. It is then followed by invoice processing, until it gets to the point of an account’s debit or credit and in some cases, as may occur, refund.
Today’s transaction monitoring solutions (STP: Strait-Through-Processing and others) are unable to implement a holistic approach. A transaction being impacted upon multiplicity of business processes like purchasing, shipping, invoice processing, payment and return. Therefore, business processes are constantly vulnerable to fraud and errors even if each process is managed perfectly.
Transaction Watchdog™ is the only technology that analyses raw business data across disparate systems, networks and databases by using business process context.
Control’s Force offers a universal patent pending message correlation and validation TW Engine. It receives customer’s raw business data as XML messages and generates a holistic transaction tag for each message-instance. As a result, it correlates and brings together different messages (from various sources), notifies and alerts when at least one of the inconsistencies is identified.
This innovative approach enables Transaction Watchdog™ to Identify fraud, based on data (content) alone, without utilizing fraud pattern and workflow.
Every error or fraud manifests itself as data. Focusing on data analysis is the key.
Most financial transactions cannot be presented as entire workflow
Watchdog identifies fraud based on data (content) alone, without utilizing fraud pattern and workflow
Every error or fraud manifests itself through instantly received data in predefined type of holistic transaction: Accounts Payable (A/P), Accounts Receivable (A/R), Payroll, Stock trade, e-commerce, mobile commerce, ACH&Wire transfer, etc. By focusing on data analysis, our services take advantages of traditional Data Mining, Business Transaction Management, Pattern-based and Context-Aware Computing:
- 100% detection
We analyze the transactional data along with process-context analysis that ‘pattern-based’ and ‘workflow-based’ solutions often miss.
- No false positives
By analyzing deterministic business data instances we do not rely on patterns, making every inconsistency reported actual and easily located.
- In/for cloud
Without the need to understand operational systems, flows or patterns, Transaction Watchdog™ solutions don’t have the need to be enterprise-resident.
- Real time
The patent-pending message correlation algorithms simplify and stream-line the data analysis process, making Transaction Watchdog™ services the only real-time solution in today’s market.