Q2 Holdings AI-Driven Enhanced Payee Match Fraud Tech Achieves 3x Higher Detection Rate in First Year

Q2 Holdings Inc. (NYSE:QTWO) is one of the best enterprise software stocks to buy according to analysts. On September 4, Q2 Holdings announced the first-year results of its AI-driven Enhanced Payee Match technology. This enhancement was launched in June 2024 and is an upgraded capability that uses ML models to improve the detection and prevention of check fraud within the company’s Centrix Exact/Transaction Management System/ETMS solution for Positive Pay.

The AI fraud technology enhancement has shown proven success for Q2 customers in its first year. Financial institutions utilizing Enhanced Payee Match have detected an average of 3x more suspected fraud for accounts protected by the feature compared to accounts where the feature was not enabled.

Enhanced Payee Match uses ML to power both typed and hand-written check reading capabilities, allowing it to accurately detect more sophisticated fraud techniques. Beyond detecting more suspected fraud, the feature streamlines the acceptance or rejection process for account holders by allowing quicker reviews and offering more detailed information on why transactions were accepted or declined.

Q2 Holdings Inc. (NYSE:QTWO) provides digital solutions to financial institutions, financial technology companies, FinTechs, and alternative finance companies/Alt-FIs in the US.

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Disclosure: None. This article is originally published at Insider Monkey.