Citibank has signed a renewal agreement with Primary Payment Systems for payment fraud prevention software, including the vendor's Deposit Chek loss prevention tool.
Deposit Chek is a risk management tool that provides electronic notification of account status and potential cheque returns via online and batch inquiries. Deposit Chek clients have access to nationally shared information on stop payments, return items and over 184 million deposit accounts.
Deployment of the upgraded system is scheduled to be completed during the second half of 2002.
Tom Connaughton, managing director, risk management, Citibank, says: "By identifying bad cheques in advance we can improve customer service to all Citibank depositors."