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
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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.
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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.
