A Powerful Fraud Prevention Solution for Financial Institutions
Exact/TMS™ is a transaction management system that encompasses check positive pay, ACH positive pay and check reconciliation to provide financial institutions with a powerful fraud prevention tool that is focused on the transaction management needs of corporate clients.
Financial losses from check fraud reach into the billions each year and affect companies and financial institutions of all sizes. Additionally, the increasing volume of ACH payments means an increased potential for ACH Fraud. No longer is this white-collar crime viewed as a “big bank” problem, nor is risk limited to large corporations. To curb this activity, financial institutions must make positive pay and ACH monitoring an integral part of business banking. Furthermore, commercial clients of all sizes must be educated as to the benefits of this technology in order to make the service a standard banking practice.
Keys to Success: Simple, Secure and Automated
Exact/TMS™ offers a robust browser interface for commercial customers, which eliminates the need to install software on client workstations. The nightly account reconcilement process automatically alerts the client by email if either check exceptions or ACH exceptions require a pay or return decision. Clients can make such decisions, view images of checks in question, analyze reconcilement reports and submit electronic issued check files all via the web in a secure paperless environment.
ACH Positive Pay (ACH Authorization & ACH Transaction Monitor)
The increase in volume of ACH transactions for corporate payments inherently increases the potential for ACH fraud. This reality requires that both financial institutions and corporate customers act more diligently in monitoring ACH activity, and Exact/TMS™ provides a simple, effective solution that greatly simplifies this task. Using Exact/TMS™ ACH business rules are defined at the account level. In turn, every ACH transaction posted to the account is scrutinized to determine whether a transaction warrants further review.
The business rules that support ACH positive pay encompass ACH Authorization and ACH Transaction Monitoring. ACH Authorization is a list of ACH transactions that are pre-approved to post to an account. An ACH authorization rule can include the originating company, standard entry class, transaction type (debit/credit) and maximum dollar amount. ACH Transaction Monitoring is a list of general guidelines for monitoring ACH activity and alerting the client of items that exceed these guidelines. An ACH monitoring rule can focus on the standard entry class, amount and debit/credit designation.
Payee Match: Automatic Protection
Payee Match electronically compares the payee name from the check image to the original payee name that was on the check at the time the check was issued. This additional fraud prevention measure insures the payee name has not been altered. Although traditionally thought of as a “big bank service”, Exact/TMS™ now makes this functionality affordable and automated for community banks.
Benefits of Centrix Exact/TMS™
- ACH positive pay including exceptions for unauthorized ACH activity
- Automated emails to notify clients when exception items are present or provide an email alert of ACH activity
- Automated processing of submitted issued check files eliminates manual intervention when clients submit issued check files
- Check image integration allows the client to view images of exception items
- Client-level service charge parameters provide flexibility for positive pay service fee income
- Deposit reconcilement to summarize deposit activity by branch/location
- Integrated data mapping utility allows the bank to accept issued check file formats that are native to the client’s accounting system, thus virtually eliminating custom interfaces
- Integration with the teller system provides front line defense against check fraud
- On-line check reconciliation to assist clients with balancing to their bank statement
- On-line exception management enables the client to make pay/return decisions via the web for both check exceptions and ACH exceptions
- Payee match electronically compares the submitted payee name to the payee on the check image
- Reverse positive pay functionality provides financial institutions with added flexibility when presenting corporate clients with fraud prevention options
- Secure web interface manages all client interaction and eliminates the need to install software on client workstations
To discuss Exact/TMS™ in more detail or receive additional information,
contact us via email at info@centrixsolutions.com or call 402.488.3990.
