CheckAlt Helps Banks, Credit Unions Battle Fraud with Consolidated Duplicate Detection
Written by CheckAlt
August 18, 2014— System Detects Duplicate Deposits from All Capture Points within the Financial Institution
LOS ANGELES, CA (PRWEB) AUGUST 18, 2014
CheckAlt today announced that it has completed new implementations of its Duplicate Detection technology for two CheckAlt bank clients. CheckAlt Duplicate Detection helps its financial institution customers identify multiple deposits of the same item from any capture point within the bank or credit union including branch, teller, ATM, mobile and remote capture locations.
“With CheckAlt’s ability to act as a single-source for processing all of a financial institution’s paper and electronic deposits, we have a consolidated view of all items coming in,” says Shai Stern, co-chairman and CEO of CheckAlt. “That consolidation enables us to match up duplicate items and remove them from the processing stream for review. Even if CheckAlt is not processing every capture point within the bank or credit union, we can still import deposit files from other processors for duplicate detection purposes.”
These CheckAlt clients rely on CheckAlt’s Duplicate Detection to audit items deposited at the branch, teller, ATM, remote scanner, desktop scanner, and via mobile device, and ensure duplicates are caught across all processing batches before being converted to X9 files. Leveraging the check routing number, check account number, check number, and check dollar amount, CheckAlt’s system reviews each item being processed against previously deposited items for indications of duplication. Items found to be duplicates are rejected and not sent for clearing.
According to the “2013 Federal Reserve Payments Study Detailed Report,” the total unauthorized check value attributed to fraud in the U.S. amounted to $1.1 billion in 2012 (the last year for which data is available), with an average value of $1,272 per unauthorized check payment.
For more information about CheckAlt and its Duplication Detection technology, please visit http://www.checkalt.com.
CheckAlt is a Check 21 application and processing provider. CheckAlt assists financial institutions in more efficiently processing their items from all capture points within the bank or credit union, and in attracting and retaining business customers with innovative white label payment solutions. Additionally, CheckAlt offers easy-to-integrate APIs for mobile and web developers that want to accept Check 21 payments. Products include eChecks, Item Processing, Remote Deposit Capture (RDC), Mobile, eCommerce, and Lockbox Services. Find out more about CheckAlt at http://www.checkalt.com.