TCS, FundingShield partner for wire fraud prevention
CALIFORNIA, UNITED STATES & MUMBAI, INDIA — Tata Consultancy Services (TCS), a global front-runner in IT services and business solutions, has partnered with FundingShield, a top-tier fintech specializing in risk management and fraud prevention.
The strategic collaboration aims to arm lenders, home buyers, and sellers with enhanced defense against the escalating challenges of wire and title fraud.
Through this partnership, TCS clients can harness FundingShield’s comprehensive ecosystem, which covers over 95% of service provider bank data.
This integration promises improvements in data integrity, bank account verification, and compliance standards for TCS’s vast customer base.
“Wire fraud prevention has become a mandatory capability as part of any mortgage solution, protecting lending institutions from multi-million dollar risks to the third-party closing, title, and settlement entities,” said Santhosh Ananthakrishnan, Global Head – Mortgage Strategic Initiatives at TCS.
In agreement, FundingShield’s CEO Ike Suri acknowledged TCS’s extensive global reach and deep-rooted expertise in the financial sector.
Operating in 55 countries and with over 614,000 consultants, TCS is a subsidiary of India’s largest multinational business conglomerate, the Tata Group. Their consolidated revenues for the fiscal year ending March 31, 2023, stood at US$27.9 billion.
