Manipal Technologies acquires CrossFraud

Manipal Technologies (MTL), a secure print specialist, has acquired CrossFraud, a security-based solution from Bangalore-based Saraansh Software Solutions.

23 Aug 2016 | By Noel D'Cunha

CrossFraud is considered an advanced fraud detection tool for banks, financial institutions, post offices and many other BFSI (banking, financial services, securities and Insurance) organisations.

With increasing adoption of online banking and internet trading, this CrossFraud acquisition is seen as a step in the Group’s vision of ensuring 100% secure and risk-free transactions to the sectors like banking, financial services and insurance (BFSI) it serves.

Abhay Gupte, CEO, MTL said, “The fraud detection and anti-money laundering space is identified as one of our high growth businesses for the future, and we aspire to build a global business spanning emerging markets in Asia, Africa and Middle East. CrossFraud gives us newer capabilities to provide end to end integrated solutions along with our current offering of payments and financial inclusion.”

The over seven-decade old print and technology specialist claims to enjoy close relationship with the banking industry. “The team at MTL believes that the highly advanced CrossFraud solution will help accelerate its business growth and move up the value chain to scale newer heights,” said Gupte.