Fraud Prevention & Compliance

In today's ever-evolving financial landscape, the need for robust fraud prevention measures has become paramount. As the digital ecosystem expands and technology advances, fraudsters are continually finding new ways to exploit vulnerabilities. To counter this, organizations must proactively build a strong internal fraud prevention team that integrates both finance and information security. This blog post will guide you through the process of forming such a team and will introduce a list of notable fintech companies that can contribute to your Fraud + Compliance stack.

1. Understand the Importance of a Unified Approach

To tackle internal fraud effectively, a unified approach is essential. Both your finance and information security teams should work in synergy to detect, prevent, and respond to fraudulent activities. The finance team provides insight into financial transactions, while the information security team safeguards the technological infrastructure. Combining their expertise ensures a more comprehensive and responsive fraud prevention strategy.

1. Identify Key Roles and Responsibilities

Creating a dedicated internal fraud prevention team requires identifying key roles and responsibilities. Typical roles include:

• Fraud Analysts: Responsible for monitoring financial transactions and identifying suspicious patterns.

• Compliance Officers: Ensure the organization adheres to regulatory requirements and industry standards.

• Data Analysts: Analyze data to identify unusual patterns and potential fraud indicators.

• IT Security Specialists: Protect against data breaches and bolster system security.

• Risk Managers: Assess and mitigate fraud risks and vulnerabilities.

1. Integrating Fintech Solutions

To build a comprehensive fraud prevention team, you can leverage the expertise of established fintech companies in the industry. Here is a list of potential contributors to your Fraud + Compliance stack, along with links to their websites for more information:

1. Forter - Website

• Offers fraud prevention and detection for digital commerce, including fraud management, chargeback recovery, abuse prevention, payment optimization, and identity protection.

2. Sardine - Website

• Provides an API platform for risk, compliance, and payment protection, offering KYC/AML compliance, customer onboarding, account funding fraud detection, and payment insights.

3. Verafin - Website

• An anti-financial crime platform covering money laundering, fraud detection, and BSA compliance, with process automation capabilities.

4. Shift - Website

• Offers an AI platform for insurance decisions, supporting underwriting risk detection, claims fraud, and compliance.

5. Riskified - Website

• Provides fraud management software for e-commerce companies to handle chargebacks, disputes, and PSD2 regulation.

6. Feedzai - Website

• Offers an end-to-end platform for fraud and financial crime protection, serving retail banks, corporate banks, fintechs, and PSPs.

7. Comply Advantage - Website

• An AI-driven fraud and AML risk detection platform that covers transaction risks and customer onboarding.

8. Sentilink - Website

• A fraud and risk management platform for financial institutions, providing synthetic fraud scores, ID theft scores, and first-party fraud flags.

9. Pagos - Website

• A payments intelligence platform covering real-time payment transaction monitoring.

10. Callsign - Website - An authentication platform that utilizes deep learning to provide real-time risk intelligence.

11. Unit21 - Website - A no-code platform spanning AML monitoring, fraud detection, compliance, risk management, and financial crime detection.

12. Hummingbird - Website - A CRM for compliance and risk teams that integrates with KYC data and activity monitoring tools to support customer diligence, transaction fraud, and lending complaints.

13. Ravelin - Website - An online payments fraud detection platform.

14. Arkose Labs - Website - Provides businesses with bot prevention and account security tools to prevent financial fraud.

15. ClearSale - Website - An e-commerce fraud protection platform.

16. DataVisor - Website - Offers AI-powered fraud detection for enterprises to manage financial crime, AML, and card fraud.

17. Featurespace - Website - Provides a real-time fraud and financial crime management software.

18. Fraud.net - Website - An AI-powered, full-stack fraud detection, KYC, and AML platform.

19. Fraugster - Website - Provides online merchants with outsourced and in-house fraud prevention services.

20. NetGuardians - Website - Offers AI-powered solutions for financial crime, payment fraud, internal fraud, and AML transaction monitoring.

21. Signifyd - Website - An e-commerce fraud protection platform covering revenue protection, abuse prevention, and payment compliance.

22. Sift - Website - A payment protection platform for fintech, PSPs, and retail customers.

Building an effective internal fraud prevention team that combines the strengths of your finance and information security teams is crucial in today's financial landscape. By integrating the expertise of fintech companies that specialize in fraud prevention and compliance, you can create a robust Fraud + Compliance stack that enhances your organization's ability to detect and mitigate fraudulent activities. Stay vigilant, adapt to new threats, and work together to protect your organization from internal fraud.

Are you searching for a trustworthy partner to fortify your Fraud Prevention FinTech company or internal fraud prevention team? Look no further than Manning + Company - the industry leader renowned for its cutting-edge solutions and extensive expertise in combatting fraud.

With over two decades of experience in the industry, Manning + Company has built a solid foundation of knowledge and expertise in fraud prevention. Our seasoned team of experts has successfully tackled some of the most complex fraud cases across various domains, equipping them with a keen eye for detecting fraudulent activities and devising effective prevention strategies. By partnering with us, you can tap into this unparalleled experience and rest assured that your company's assets and reputation are in safe hands.

At Manning + Company, we understand that no two businesses face the exact same challenges when it comes to fraud prevention. That's why we pride ourselves on offering tailored solutions that align with your company's specific requirements. We immerse ourselves in understanding your systems, processes, and existing fraud prevention measures to design a comprehensive strategy that suits your organization's unique fraud risk profile. Our team will work hand in hand with your in-house experts to provide training, tool implementation, and ongoing support to ensure a seamless integration of our services into your existing framework.

The world of finance and technology is ever-evolving, and so is fraud. At Manning + Company, we remain at the forefront of technological advancements to stay one step ahead of fraudsters. Leveraging our deep understanding of FinTech and emerging technologies, we offer state-of-the-art solutions that detect and prevent fraud in real-time. Whether it's machine learning algorithms, blockchain validations, or AI-powered analytics, we adapt the latest tools to safeguard your financial transactions and protect your business from fraudulent activities.

At the heart of our business lies the principle of trust. We understand that fraud prevention deals with sensitive information, and we handle it with utmost care and confidentiality. With Manning + Company, you can be assured that your company's data and trade secrets are safeguarded using the most stringent security protocols. Our team operates with the highest ethical standards and upholds client confidentiality as a top priority, allowing you to focus on growing your business knowing that your fraud prevention efforts are in reliable hands.

Don't let fraud risks keep you up at night. Choose Manning + Company as your partner in fighting fraud and ensure the stability and security of your organization. With our unmatched experience, tailored solutions, cutting-edge technologies, and unwavering commitment to trust and confidentiality, we guarantee your Fraud Prevention FinTech company or internal fraud prevention team will be equipped with the best tools and strategies to prevent, detect, and mitigate fraudulent activities.
Contact Manning + Company today to explore how we can collaborate to fortify your fraud prevention efforts, and let us help you stay ahead of the curve in securing your financial future.

The Global Financial Rails: Key Institutions Powering Worldwide Finance

Beneath the thousands of financial institutions and fintechs operating globally, a core backbone of central banks, clearing houses, custodians and financial market infrastructure powers the flow of money worldwide. These organizations act as the “rails” facilitating payments, clearing, settlement, and monetary policy.

While fintech innovation happens at the edges, these global financial rails remain indispensable for smoothly functioning markets. Here are some of the most influential institutions underpinning global finance:

Central Banks

Central banks like the Federal Reserve, European Central Bank, and Bank of Japan manage monetary policy and oversight for major economic zones. They influence interest rates, money supply, exchange rates and more. The Fed, ECB and BOJ sit at the foundation of the global financial system, providing stability and policy guidance.

Other national banks like the Bank of England, Bank of Canada, Reserve Bank of Australia, and more play similar roles in their own jurisdictions. And supra-national institutions like the Bank for International Settlements foster cooperation among central banks worldwide.

While technology continues to evolve how money moves, central banks anchor the global financial system by:

• Conducting monetary policy operations that expand or contract money supply. This influences key rates used across the financial system.

• Holding reserve deposits and facilitating transactions/settlement between banks. This provides liquidity and stability.

• Overseeing systemic risk by setting prudential regulation and supervision frameworks to ensure a resilient ecosystem.

• Operating monetary systems and infrastructure for transacting, clearing and settling payments.

• Managing official reserves and foreign exchange market operations to buffer currency fluctuations.

• Producing economic analysis and research to inform policy decisions and provide forward guidance.

As finance evolves, central banks adapt policy levers while maintaining their key mandates of price stability, full employment, and financial system soundness.

SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) operates a secure messaging network connecting over 11,000 financial institutions globally. This banking cooperative, founded in the 1970s, is the backbone facilitating cross-border payments, trades, and communication.

SWIFT does not hold funds or manage accounts itself. Rather, it provides a standardized and trusted platform for institutions to send payment orders and exchange sensitive information. SWIFT messages follow defined formats that allow banks worldwide to understand transaction details across borders.

By establishing common standards enabling global interoperability, SWIFT brings efficiency and reduced risk to correspondent banking. Its network processes over 40 million transactions daily, making cross-border commerce possible at scale.

However, SWIFT must continue modernizing its technology and speed to meet demands. Emerging transaction networks like Ripple aim to disrupt incumbents by enabling real-time settlement using distributed ledger technology. SWIFT maintains dominance but faces pressure to innovate.

CLS Bank

CLS Bank provides settlement services for foreign exchange transactions, processing over $6 trillion daily across 18 major currencies. CLS leverages a payment-versus-payment (PvP) mechanism that settles both sides of an FX trade simultaneously, eliminating risk from timing delays.

By settling FX instructions in real-time PvP, CLS removes the principal risk that one counterparty fails to make their side of the payment. This structural improvement brings stability and efficiency to volatile FX markets.

CLS also acts as an intermediary facilitating netting of trades across the globe. By aggregating FX transactions and only requiring net settlement, it optimizes liquidity required in the banking system. CLS has become an indispensable innovation for global FX markets handling over 50% of transactions today.

DTCC

The Depository Trust & Clearing Corporation (DTCC) processes transactions in equities and fixed income securities worth over $2 quadrillion annually. It provides clearing, settlement, asset servicing, and other infrastructure across capital markets.

DTCC's subsidiary DTCC National Settlement Services facilitates settling trades on US exchanges. The Fixed Income Clearing Corporation (FICC) handles fixed income transactions. And the Depository Trust Company (DTC) provides custody and asset servicing. By increasing efficiency and reducing risk, DTCC aims to strengthen financial stability.

As markets evolve to wider asset classes and faster settlement, DTCC continues enhancing its technology stack to manage scale and risk. It now applies cloud, AI/ML, blockchain and other innovations to keep pace with market demands.

Custodians

Major custodian banks like BNY Mellon, JP Morgan, and Citi act as safekeepers of assets for institutional investors. They provide clearance, settlement, asset servicing, reporting and other custodial infrastructure across asset classes ranging from equities and fixed income to derivatives and digital assets.

By ensuring smooth settlement and asset custody, custodians enable large, complex financial transactions underpinning capital markets. Pension funds, asset managers, hedge funds and other institutional investors rely on custodian banks to transact and manage trillions in investments safely.

Key custodian services include:

• Settlement - Guaranteeing delivery of securities and funds to complete transactions

• Safekeeping - Securely holding assets on behalf of clients

• Asset servicing - Managing asset events like corporate actions, income accruals, redemptions etc.

• Reporting - Producing account statements, reconciliations and other reporting

• Regulatory support - Helping clients meet compliance requirements

While the landscape is complex, these “rails” form the backbone of modern finance: establishing monetary policy, facilitating trading, providing market utilities, and enabling asset safekeeping. They uphold financial stability even through periods of volatility and uncertainty.

Fintech activity happens further upstream, with consumer-facing apps as well as embedded solutions for banks and other institutions to improve agility. This innovation requires integration with the rails to move money reliably.

Looking ahead, legacy institutions face competition from newer platforms using blockchain, cloud computing and other advances for transaction settlement and asset custody. Incumbents must continue modernizing to maintain dominance. And regulation must balance innovation with managing systemic risk.

But as finance evolves, the clearinghouses, custodians, central banks and other foundational institutions will remain indispensable. They are the unseen financial rails powering global commerce today and for the foreseeable future.

Defining the Scope: Segments Included (and Excluded) in Manning & Company’s FinTech Practice

At Manning & Company, our FinTech practice focuses on delivering top talent to leading companies disrupting and enabling financial services. But “FinTech” encompasses a vast landscape of subsectors – so how do we define our coverage area?

We take a focused approach, targeting FinTech companies whose solutions directly enable banking, payments, lending, investments and insurance. However, we made deliberate choices to exclude certain adjacent segments from our core practice.

Here are the key segments we excluded, and why:

Crypto – We believe crypto/blockchain represents an emerging domain warranting its own dedicated expertise. The market landscape, user base, regulatory issues and talent dynamics differ greatly from traditional FinTech.

Insurance Tech – InsurTech has grown into its own robust ecosystem overlapping with FinTech. We felt it was better served by specialist teams rather than grouping it under our broad FinTech coverage.

Healthcare FinTech – We view healthcare as a distinct industry with highly specialized needs around technology, compliance, workflows and more. Thus, we exclude medical/healthcare payments and lending solutions from our FinTech practice.

CFO Stack – This includes financial planning, accounting and analytics tools. We excluded it because our perspective has evolved. We now see “CFO stack” as table stakes capabilities that forward-thinking CFOs are building within their own finance organizations, often leveraging FinTech solutions.

In essence, we filter out segments that warrant their own dedicated practices or operate too peripherally to core financial services. This allows us to focus our FinTech practice on domains directly transforming banking, payments, lending, investments and insurance:

Mobile banking and engagement solutions

Payments technologies and infrastructure

Alternative lending platforms and tools

Investment management and trading systems

Risk, compliance and cybersecurity solutions

Embedded fintech providers enabling financial institutions

Data, analytics and decisioning capabilities

Back-end processing automation and modernization

However, while we excluded “CFO stack” as its own standalone category, we very much include such capabilities within our FinTech focus – because enterprises across banking, insurance and more require that talent.

We believe the most innovative financial services institutions are essentially building their own fintech by embedding such solutions internally. Hiring talent to do this well is a priority, and an area where we can provide immense value.

In summary, Manning & Company deliberately defined our FinTech practice to focus on our core competencies. We specialize in the talent transforming banking and financial services companies. Crypto, InsurTech and health require their own lenses, while CFO stack has evolved from a standalone “vertical” into table stakes capability.

This considered perspective allows us to deliver maximum impact for clients hiring critical FinTech talent. As the market evolves, so too will our areas of focus.

Revenue = Oxygen

“NOTHING ELSE WE DO CAPTURES WHO WE ARE MORE THAN THIS, WE ARE A PARTNER THAT FINDS PARTNERS”…

This is at the very heart of what we do and needs very little explanation.

We work closely with our partners to identify, with surgical precision and timing, the right joint venture, channel, or partners to approach. We believe that in tough markets, people buy from friends. Our approach to revenue growth, and really everything is to find people you can authentically align with and that fit your go-to-market strategy. Do this correctly, and your business along with every other meaningful metric will improve dramatically.

This is what we do. We may use different names to explain the different nuances of our capabilities, but at its heart, we are your partner, that finds you partners.

Simple.

Hard to get right.

Amazingly powerful when you do.

Procurement + Supplier Sourcing

“IT’S LIKE HAVING A CONCIERGE, BUT FOR YOUR BUSINESS”…

Company Overview:

M+Co is on a mission to redefine the way you approach procurement and supplier sourcing. Our journey is built on a solid history, a mission to simplify complexity, and core values that drive our work.

Our Unique Approach:

What sets us apart is our ERP-agnostic stance. Unlike others, we don't tie ourselves to specific systems. Instead, we offer flexibility, cost-effectiveness, and adaptability.

Procurement and Supplier Sourcing Services:

In the realm of procurement and supplier sourcing, we provide a comprehensive range of services tailored to your unique needs. We cover both direct and indirect suppliers, ensuring you have the right resources at your disposal.

ERP Agnostic Philosophy:

Our ERP-agnostic philosophy gives you the freedom to choose the tools that suit your business best. No constraints, just solutions that work for you.

Overlay Management Support:

We simplify your procurement processes through our overlay management support, ensuring supplier compliance. This way, you can concentrate on what truly matters.

MSA (Master Service Agreement):

Navigating the MSA process with us is effortless. We guide you through it, highlighting the substantial benefits our agreement brings.

Supplier Relationship Management:

We excel at building and nurturing strong supplier relationships downstream. Our strategies ensure a reliable supply chain that consistently meets your needs.

Product Curation Philosophy:

We follow the Trader Joe's approach, offering a thoughtfully curated range of top-quality products that deliver excellent value.

Competitive Advantage:

Choosing Manning + Co. means opting for personalized service, cost savings, and product excellence. Our competitive advantages are evident in every partnership we forge.

Case Studies/Testimonials:

Ariba Live interview, Cosmopolitan Vegas

Our founders have spent years speaking, training, and practicing in the Ariba Discovery ecosystem, a $60 billion revenue channel focused on emerging suppliers. Our expertise is demonstrated through real-world examples, showcasing how we've transformed procurement and supplier sourcing for businesses like yours.

Future Goals:

At M+Co, we aim to continue evolving procurement, innovating our services, and setting new industry standards.

Global Connection for Business Success:

M+Co is a global connector for all your business requirements. More often than not, the key to delivering the best product or service lies in securing exceptional suppliers and partners. This truth holds at every stage of a company's lifecycle and remains consistently vital. With this principle in mind, we've purposefully crafted our hyper-focused practice to meet your evolving needs.

Contact Information:

Ready to experience our ERP-agnostic, supplier-sourcing approach? Get in touch with our team today to embark on your journey toward procurement excellence.

Your success is our priority, and we're here to make it happen. M+Co - Where Procurement Meets Excellence.

A True Partnership for Real-world Success

Our commitment goes beyond mere coaching; it's about actionable strategies and hands-on collaboration in the realm of procurement and strategic sourcing. We're not just discussing how to succeed; we're actively engaged in the journey with you, utilizing real-world expertise aligned with your objectives.

Our Real-World Skills in Procurement:

Building networks of vital suppliers.

Identifying hidden procurement opportunities.

Securing the necessary capital.

The Blueprint of Operational Partnerships in Procurement:

Our mission is to establish a synergistic flow of deals within a highly select network of partners, all focused on procurement and strategic sourcing. This isn't a slow-burning strategy; we're moving swiftly to make a difference.

Operational Details for Procurement Excellence:

We've designed a fee structure that ensures accessibility for all partners. There's no additional retainer requirement. Instead, our revenue fee is passed through to the seller, making it a fair and equitable solution for everyone.

The Rollout Plan for Procurement Success:

Signing Day: Official kick-off of procurement and strategic sourcing initiatives.

Market Blitz: Strategic brainstorming to identify the best sourcing opportunities.

Kickoff: The first 10 steps to establishing a strong procurement foundation.

Onboarding: Setting up the essential tools and processes.

Sharpen the Axe: Fine-tuning your procurement strategy.

Monk Mode: Deep-dive into strategic sourcing efforts.

Engage Targets: Initiating outreach to potential suppliers.

Operational Partnerships Activate: The point at which we actively collaborate to achieve sourcing goals.

Sprint to Procurement Milestones: Measuring progress based on strategic initiatives.

Dinner: A moment to celebrate successful procurement efforts.

M+Co's focus is on procurement and strategic sourcing excellence, catering to partners with specific needs in these areas. We provide a transparent fee structure that ensures fairness for all parties involved.

frictionless Procure to Pay with Grain

White Paper: Introducing Grain - Revolutionizing Large Transactions with Blockchain

Table of Contents

Executive Summary

Introduction

The Problem: Friction in Large Transactions

The Solution: Grain - A Next-Generation Blockchain Framework

4.1. Key Features of Grain

How Grain Works

5.1. Smart Contracts

5.2. Instant Transactions

5.3. Incumbent System Agnosticism

Benefits of Grain

Use Cases

7.1. Enterprise Resource Planning (ERP)

7.2. Procure-to-Pay (P2P)

7.3. Large Transactions Facilitation

The Grain Ecosystem

8.1. Companies

8.2. Partners

8.3. Users

Security and Trust

Roadmap

Token Economics

Conclusion

Appendix

1. Executive Summary

Grain is a pioneering blockchain framework designed to revolutionize large transactions within enterprise systems. It offers an agnostic approach, operating independently of incumbent systems, enabling seamless adoption without altering existing technology stacks.

This white paper delves into the challenges Grain addresses, its features, operation, benefits, use cases, the Grain ecosystem, security measures, the roadmap, token economics, and concludes with a vision for the future of large transactions with Grain.

2. Introduction

Large transactions within enterprise systems often face challenges such as high costs, delays, and a lack of transparency. These bottlenecks inhibit growth and operational efficiency. Grain seeks to eliminate these obstacles by introducing a blockchain framework that simplifies and accelerates large transactions, without requiring changes to existing technology stacks.

3. The Problem: Friction in Large Transactions

High Costs: Traditional transaction systems involve intermediaries, leading to high fees.

Delays: Complex processes cause delays in large transaction settlements.

Incompatibility: Integrating new solutions into existing systems can be cumbersome and costly.

4. The Solution: Grain - A Next-Generation Blockchain Framework

Grain addresses these issues with a framework that:

4.1. Key Features of Grain

Smart Contracts: Utilizes smart contracts for automated, trustless execution of agreements and transactions.

Instant Transactions: Provides near-instant settlement, reducing delays in large transactions.

Incumbent System Agnosticism: Operates independently, requiring no changes to existing technology stacks.

5. How Grain Works

5.1. Smart Contracts

Grain employs smart contracts to automate and execute agreements without intermediaries, ensuring transparency and trust.

5.2. Instant Transactions

Grain facilitates near-instant settlement, expediting large transactions within enterprise systems.

5.3. Incumbent System Agnosticism

Grain operates seamlessly alongside incumbent systems, preserving compatibility and minimizing disruption.

6. Benefits of Grain

Cost Reduction: Grain eliminates intermediary costs, reducing the expenses associated with large transactions.

Accelerated Settlements: Near-instant transaction settlements improve operational efficiency.

Incumbent Compatibility: Grain seamlessly integrates with existing systems, preserving technology stacks.

7. Use Cases

7.1. Enterprise Resource Planning (ERP)

Grain simplifies and accelerates ERP processes, enhancing operational efficiency within large organizations.

7.2. Procure-to-Pay (P2P)

The P2P cycle benefits from Grain's instant transaction settlements and trustless smart contracts.

7.3. Large Transactions Facilitation

Grain streamlines the execution and settlement of large transactions, reducing costs and delays.

8. The Grain Ecosystem

8.1. Companies

Companies leverage Grain's framework to streamline large transactions within their enterprise systems.

8.2. Partners

Partners within the Grain ecosystem can enhance their services with blockchain technology.

8.3. Users

Users experience the benefits of Grain through faster and more cost-effective large transactions.

9. Security and Trust

Grain prioritizes security and trust with robust encryption, authentication measures, and decentralized consensus mechanisms, ensuring the integrity of large transactions.

10. Roadmap

Our roadmap outlines our journey from inception to future developments, including scalability enhancements, expanded use cases, and global adoption.

11. Token Economics

Grain introduces its native token, playing a central role in incentivizing participants and facilitating large transactions within the ecosystem.

12. Conclusion

Grain represents a transformative leap in facilitating large transactions within enterprise systems. We invite companies, partners, and users to join us on this journey to reshape the future of large transactions while preserving existing technology stacks.