Mellon Financial has implemented Carreker Corporation's payee name verification (PNV) software in a bid to reduce cheque fraud for its cash management customers.
PNV uses Carreker's recognition technology to detect cheques with altered payee names by capturing the payee line information, comparing it to the information in the bank's positive pay issue file, and flagging suspect items for manual review.
The implementation follows a three-month pilot of the technology, during which the bank processed thousands of cheques issued by three major customers.
Robert Stasik, executive vice president of Mellon Global cash management, comments: "The pilot proved the technology is rapid, reliable, and flexible around cheque format, designs, and fonts."