In a bid to clamp down on cheque fraud, Wisconsin-based Fiserv subsidiary, Information Technology, Inc. (ITI) is to integrate signature verification software from New York's ASV Technologies into its cheque imaging software.
Sam Koo, managing director of ASV Technologies says the technology identifies the "DNA" of a signature. "Up to 100 distinct features of a signature are analysed. The ability to compare these unique characteristics makes it possible for financial institutions to verify the signature on each cheque instantly, accurately and with confidence."
The system passes rejected signatures on for visual verification and attaches analytical information, including the reason for rejection and signature samples.
The system is currently in use at State Bank of Long Island. Ray Wagner, first vice president of bank operations comments: "We formerly verified only a small number of threshold items visually. Now we are very confident that no forged cheque can escape our detection net."