▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | Italian Channel Awards | Italian Project Awards | Italian Security Awards | ...
InnovationOpenLab

Real-time Fraud Data Sharing Consortium SardineX Rebrands to Sonar, and Expands to 20 Members

SardineX, now operates under the name Sonar, continuing its mission to facilitate collaboration among financial institutions and fintechs to combat financial crime. Sonar serves as an independent, mem...

Business Wire

Sonar addresses the real-time risk decisioning needs required by the growing adoption of faster payment systems like RTP and FedNow with an independent, member-led consortium.

SAN FRANCISCO: SardineX, now operates under the name Sonar, continuing its mission to facilitate collaboration among financial institutions and fintechs to combat financial crime. Sonar serves as an independent, member-run utility across payment rails to assess risk on counter parties. Since its launch last August, Sonar has grown to include 20 members, with an additional 30 entities currently engaged in due diligence and testing. This diverse membership spans the full spectrum of financial services.

“With the emergence of RTP and FedNow, the financial services industry is moving towards faster payments and instant settlement,” says Ravi Loganathan, President of Sonar. “Sonar provides real-time insights into recipient risk before a transaction is initiated. Banks, fintechs, and merchants can use Sonar to share data on first-party and counterparty risk in a fully compliant manner.”

Sonar currently aids participating members in preventing First-party Fraud, such as ACH Friendly Fraud, Authorized Push Payment fraud, and unauthorized wire transfers to cryptocurrency accounts. It also helps parties detect money mule accounts and makes Know Your Customer (KYC) checks more effective.

  • First-party fraud: Enhances risk decisioning during account opening, account funding, and checkout with risk scores, reputation levels, and device and behavior signals.
  • AML compliance: Verifies whether an entity has been flagged with a Suspicious Activity Report (SAR) to stop funds from being laundered through a chain of banks or fintechs via ACH debits.
  • Credit risk: Later this year, Sonar will become a furnisher of credit risk data including DDA, card, and digital wallet transaction data as alternative signals for applicants with thin or no file on record.

Today, members are actively contributing towards new services to tackle emerging fraud and scam trends. Insights on these fraud and scam vectors are shared in compliance with the Gramm-Leach-Bliley Act (GLBA) and FinCEN 314(b) to prevent money laundering. A comprehensive set of operating rules, including the protection of shared data, has been ratified by members to govern the utility's operations.

Sonar invites financial institutions, fintechs, and merchants to join its important fight against financial crime. To learn more about Sonar, test the utility, or attend its next member meeting on February 13, 2024 as an observer, visit joinsonar.com/contact.

About Sonar

Sonar is an independent, member-run data consortium for sharing real-time insights on First-party and Counterparty risk. As a 314(b) designated utility, Sonar is committed to facilitating collaboration among financial institutions and fintechs to combat financial crime. Sonar’s approach is centered on establishing trust and security in financial transactions, irrespective of the payment rail, by verifying the credentials of all parties involved.

For more information about Sonar, its mission, and how it is revolutionizing the fight against financial crime, visit www.joinsonar.com.

Fonte: Business Wire

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Sparkle works on environmentally sustainable content distribution

The Italian company partners with MainStreaming for high-performance, energy-efficient video streaming

Libraesva: being specialized is ok again in cybersecurity

Software vendors developing vertical solutions against specific attack vectors are 'cool' again. And when it comes to email security, all companies now…

Fintech: Links tests the use of exponential technologies in the banking…

Links Management and Technology just concluded the testing phase of a research project focused on banking transformation

Axyon AI: Italian Artificial Intelligence for Finance applications

Axyon AI offers an AI platform specifically designed for asset management, with several interesting strengths for those approaching machine/deep learning…

Most read

Switzerland Existing & Upcoming Data Center Database 2024 - Emerging Data…

The "Switzerland Existing & Upcoming Data Center Portfolio" database has been added to ResearchAndMarkets.com's offering. This database product covers…

Supply Wisdom Risk Management Expert Available for Comment on Global IT…

Jenna Wells, former Marine Corps Captain and Chief Customer & Product Officer of real-time risk intelligence platform Supply Wisdom, is available…

Eaton names Tiffany Hanisch senior vice president, Internal Audit

Intelligent power management company Eaton (NYSE:ETN) today announced that Tiffany Hanisch has been named senior vice president, Internal Audit, effective…

Transact Campus Rolls Out Mobile Credential Technology at the University…

Transact Campus, (“Transact”) the award winning leader in innovative mobile credential and payment solutions for a connected campus, today announced the…

Newsletter signup

Join our mailing list to get weekly updates delivered to your inbox.

Sign me up!