CheckFree Software and Hyland Software, Inc., are launching software for payee enabled positive pay with fraud protection capabilities.
Check fraud is at an all-time high with losses to financial institutions in the millions of dollars, according to Checkfree. The company’s hope to reduce fraud with CheckFree Payee Verification Module’s payee positive pay processing engine with Hyland’s imaging and workflow capabilities. This combined solution includes payee capture methods and image-enabled exception management from Hyland Software, coupled with CheckFree Software’s integrated, real-time Payee Verification and reconciliation platform.
“CheckFree continually looks to help its banking customers improve service levels, address corporate market needs, strengthen relationships, streamline operations and minimize operational and financial risk for their clients,” said Randy McCoy, executive vice president and general manager, CheckFree Software. “As a trusted technology partner, CheckFree also helps its financial institution customers prepare for new industry initiatives by expanding the value of a customer’s existing ARP/SMS investment.”
Payee Verification for ARP/SMS begins with matching payee line information from an image to the information on the issue file. If a mismatch or potential fraudulent item is detected, this item, along with other positive pay exceptions, will be forwarded to corporate clients for evaluation and a payment decision. The Exceptions Management module from Hyland Software can be leveraged for the CheckFree Payee Verification solution to manage payee mismatches, as well as all other exception types. The payee matching process has been completely integrated with all ARP/SMS modules including positive pay, reconciliation and teller positive pay, which provides value through fraud detection services to corporate clients and without making substantial system integration changes.