Massachussetts-based Prelude Software has launched a new cheque fraud detection software product to enable banks to offer a range of secure payment options to business and corporate customers.
Using PayPositive, banks can offer forward positive pay, reverse positive pay, or both options to clients. In forward positive pay processing, the commercial banking customer uses PayPositive to create a file of payment data from each of its payment issuing systems for the bank. The bank uses PayPositive to compare the customer data with items presented for payment from the clearing house. The system flags exception items for easy resolution.
In reverse positive pay processing, the bank uses PayPositive to import presented items and then create customer-specific files from these. The banking customer uses PayPositive to compare the file from the bank with its own issued cheque data, and to organise and manage any exceptions. Authorised users can access the centralised database at any time for running queries or reports, and to view processing history records online.
Stephen Root, President of Prelude Software, says: "With the rising incidence of cheque counterfeiting and identity falsification, it is more important than ever to provide cheque fraud detection solutions that are easy and efficient to use."