Enhancing Risk Mitigation By Reducing Threats
Based in Sioux Falls, South Dakota, Meta Payment Systems is a leading provider of prepaid, credit, debit and emerging payments solutions and a leading sponsor of ATMs in the United States. A division of Meta Financial Group, Inc., a federally chartered savings bank, Meta Payment Systems was built on the vision of providing inclusive financial services for everyone.
Meta Payment Systems wanted to proactively identify and mitigate information risks that could be present within its processing environment by deploying automated analysis solutions. In addition to mitigating risks, these measurements were aimed at increasing operational efficiency and integrity, while enhancing trust from its partners.
As a leading payment solution provider, the organization received thousands of transactions each day from hundreds of partners like MasterCard, Visa, the Federal Reserve, other payment processors and other card associations. For phase one of its risk mitigation initiative, the company assessed the information risk and analysis objectives for its partner exchange and ACH reconciliation process.
As depicted in the following diagram, the organization received a number of files containing thousands of transactions from third party partner organizations. Once the files were received and verified, the company recorded and processed these transactions.
Read more about how this leading provider of payment solutions tackled detecting duplicate and inaccurate files and ensuring SLA contract compliance.