Wachovia Treasury Services has introduced technology from Mitek Systems to match payee information on cheques against names provided by customers on issue files.
Part of Wachovia's Positive Pay service, any unmatched items are automatically reported to the customer via the bank's Web-based information and access system, Connection.
The service will also be used by staff in branches to compare cheque information against the issue file names. If the information does not match, payments will be declined.
Michael Daley, senior vice president and manager of Wachovia's Treasury Services product solutions, says the 'Payee Match' service "provides an additional level of protection against unauthorised disbursements and fraudulent cheques."