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
-
Secure
web interface manages all client interaction and eliminates
the need to install software on client workstations
-
Automated emails to notify clients when exception items are
present or provide an email alert of ACH activity
-
ACH
positive pay including exceptions for unauthorized ACH
activity
-
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
-
Integration with the teller system provides front line
defense against check fraud
-
Check
image integration allows the client to view images of
exception items
-
Integration with the teller system provides front line
defense against check fraud
-
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
-
Automated
processing of submitted issued check files eliminates manual
intervention when clients submit issued check files
-
Reverse
positive pay functionality provides financial institutions
with added flexibility when presenting corporate clients with
fraud prevention options
-
Client-level
service charge parameters provide flexibility for positive pay
service fee income
To discuss the Exact/TMS in more detail or
receive additional information, contact us via email at info@centrixsolutions.com
or call 402.488.3990.
