TD Banknorth has selected CheckFree Corporation to deliver an application that will allow the bank to process its own official checks and integrate into its CheckFree ARP/SMS check and deposit reconciliation system.
The new application will assist TD Banknorth in ensuring the validity of official bank checks being cashed, the timely reconciliation of the accounts, and supplemental reporting for research and resolution purposes. The application will provide tellers with information that will assist them in determining whether checks should or should not be paid, thereby reducing fraud and risk exposure at the teller line.
In addition to fraud protection at the branches, the use of a memo post issue can help ensure that the balance of the official bank check account is not misstated or incorrectly funded prior to DDA posting.
“We were faced with the challenge of finding a supported solution to replace our current outsourced vendor and to help us mitigate the risk and potential fraud associated with cashing official bank checks at the teller line. We also needed a solution that can be integrated into our current teller positive pay and reconciliation system,” says Joe Hanson, executive vice president, operations, TD Banknorth.
“CheckFree has worked extensively with TD Banknorth to implement the bank’s electronic payment and check and deposit reconciliation systems. Through our experience, we’re confident this solution will help TD Banknorth significantly reduce its exposure at its teller line for official bank check cashing,” adds Samuel Robb, vice president, product management, CheckFree Corporation.
CheckFree plans to complete the delivery of the new application for TD Banknorth in early 2008.