RIBBIT Receives Payments Innovation Award in Recognition of Innovative Payment and Risk Solutions.
COLUMBUS, OH. (April 13, 2022) – EPCOR® – Your Electronic Payments Core of Knowledge today announced the recipient of its Payments Innovation Award at the Recognition Luncheon of EPCOR Payments Conference – Spring 2022 at the Hilton Columbus at Easton.
EPCOR President & CEO Susan Doyle, AAP, presented the 2022 Payments Innovation Award to RIBBIT for leveraging the recency and accuracy of bank behavior to power lenders, billers, banks and Fintechs to make smarter decisions, expand financial inclusion and reduce fraud.
“In the face of pervasive fraud, it can be difficult for financial institutions to keep pace with tech-savvy criminal networks and the onslaught of ever-evolving attacks. RIBBIT Inc. brings risk-mitigating, AI-powered insight within reach for financial institutions and organizations of all sizes without the requirement of invasive personal information that is often difficult to obtain,” remarked Doyle.
Brian Dao, Vice President of Product & Marketing at RIBBIT, accepted the Payments Innovation Award in recognition of its bank behavior insights that identify 12 thousand fraudulent bank accounts weekly, often created with valid consumer credentials. Driven by real-time banking and payment data, RIBBIT’s insights examine over one trillion data points to validate account ownership and assess bank account stability. Banks and credit unions leverage these insights to streamline new, digital account openings while managing risk of payment acceptance. As an ACH processor, RIBBIT increased its ACH processing by 344% from 2020 to 2021 and is on pace to add another 77% by the end of the year.
“We’re honored to receive the Payments Innovation Award from an organization that truly promotes the improvement of our payment systems,” said Brian. “Since forming in 2020, RIBBIT has worked hard to protect the integrity of the ACH network by analyzing the behavior of bad accounts. Our bank behavior data recently identified 500,000 fraudulent bank accounts transacting with over 2,000,000 different identities in our network. We are committed to keeping these fraudulent accounts out of our payment systems.”
The David P. DeMarea Payments Innovation Award recognizes individuals or organizations that have implemented innovative payments or risk management solutions.
About EPCOR® – Your Electronic Payments Core of Knowledge
EPCOR is a not-for-profit payments association which provides payments expertise through education, advice and member representation. EPCOR assists banks, credit unions, thrifts and affiliated organizations in maintaining compliance, reducing risk and enhancing the overall operational efficiency of the payment systems. Through our affiliation with industry partners and other associations, EPCOR fosters and promotes improvement of the payments systems which are in the best interest of our members. For more information on EPCOR, visit www.epcor.org.
About RIBBIT | The Bank Behavior Experts
RIBBIT leverages the recency and accuracy of bank behavior to power banks, credit unions, lenders, billers, and fintechs to make smarter credit decisions, expand financial inclusion, and reduce fraud. Consumers and small businesses can now use their own bank and payment data to improve access to quality financial services. Our AI-driven Insights delivered enable instant, actionable user experiences that increase customer acquisition, retention, and profitability. Learn more about The Bank Behavior Experts at www.RIBBIT.ai.