The Exact/TMS™ Payee Match module enhances the check positive pay process by validating the payee on the check image against the payee name that the corporate client included in their issued check file. This process adds another layer of protection against unauthorized disbursements and fraudulent checks, beyond validating common data such as check number and check amount.
Payee match is enabled at the account level, which allows a financial institution to provide an enhanced level of check fraud protection to only those clients that elect to participate. As such, the client can be service charged accordingly for this service.
The Exact/TMS™ Payee Match module will interrogate the image of each posted check to extract the payee. The payee from the check image is then compared to the payee that was submitted in the issued check file, with each result scored to identify items that warrant further review (payee match exceptions). The system includes flexible payee match parameters that can be customized for each client to accommodate differences in check stock and font size, both of which can affect the payee match score. The check amount can also be a consideration in payee match processing as large dollar items may require a higher degree of payee match accuracy than low dollar items.
Benefits and Points of Emphasis
Protect Customers with Improved Transaction Security. Traditional positive pay compares micr information from the paid check against the data that was submitted by the client (issuer) in the issued check file. Today, this is a basic treasury service product offering for many financial institutions and criminals understand this. Moreover, changing the payee on a check is much more difficult to detect unless the proper technology is in place to automate this process. Exact/TMS™ with payee match provides this technology to community banks. Competitive Advantage. Enhanced treasury management services such as payee match and ACH positive pay provide a competitive advantage over other community banks and enable a financial institution to effectively compete with super regional and national banks for corporate accounts. No longer is payee match technology limited to big banks with big budgets. Centrix has evened the playing field for the community bank.
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To discuss Payee Match in more detail or receive additional information,
contact us via email at info@centrixsolutions.com or call 402.488.3990.
