Comerica Bank introduces fraud protection service
28 June 2006 | 7209 views | 0
Source: Comerica Bank
Comerica Bank today announced the launch of a new fraud protection service that will enable commercial customers to accept or reject Automated Clearing House (ACH) items before they are posted to their accounts.
Comerica ACH Positive Pay is the new fraud protection and information management tool that enables commercial customers to monitor and control their ACH activity with positive pay functionality. It is easy to implement and use, and is securely delivered through the Internet via Comerica Treasury Management Connect Web (TM Connect Web). The announcement of the new service offering was made by Daniel J. McCarty, senior vice president and director of Treasury Management Services for the bank, which has operations in Michigan, California, Texas, Arizona and Florida, among other markets.
Some 14 billion payments were made through the nationwide ACH network in 2005, an increase of about 16 percent over 2004, according to statistics compiled by NACHA - The Electronic Payments Association. Businesses use the electronic funds transfer system for payments to and from trading partners and vendors, for intra-company cash management transfers, and to exchange remittance information regarding payments, among other uses.
"In today's environment, commercial customers who participate in ACH activities run the risk of having unauthorized transactions posted to their accounts," said McCarty. "With Comerica ACH Positive Pay, that risk is greatly reduced. Unlike other ACH fraud protection products in the marketplace, Comerica's new service can report all ACH items, is easy to use and offers an abundance of functionality and features. Commercial customers now have the flexibility they need to determine the types of ACH transactions they want to monitor and review. Comerica ACH Positive Pay provides us a distinct advantage in the competitive treasury management services marketplace."