KeyBank launches e-cheque payee reporting product

Source: KeyBank

KeyBank Global Treasury Management is the first bank to offer its commercial clients complete eCheck ACH Payee reporting through all of its check fraud, account reconcilement, controlled disbursement and Positive Pay image services.

This offering, which provides comprehensive reporting on a daily and monthly basis, allows clients to verify the names of the vendors and suppliers to whom they make payments.

KeyBank leveraged the capabilities of its Key Total Treasury Internet delivery channel, which was developed in-house, to build its eCheck ACH Payee reporting and offer a first to market end-to-end reporting service. The enhanced reporting is available before the new NACHA rule for business check conversion goes into effect on September 15, 2006.

KeyBank's eCheck ACH Payee reporting addresses fraud protection on business checks that are converted into eCheck ACH debits. Clients can access eCheck Payee names and other ACH transaction information, and then have the ability to confirm, validate or return specific payments. Clients are notified of any suspicious eCheck payments for their review and confirmation. Complete eCheck reporting, which also includes client daily CDA funding and account reconcilement, is available with KeyBank's entire disbursement product line.

The capabilities of eCheck Payee ACH reporting will be a benefit to clients who use the offering. "KeyBank's eCheck ACH Payee reporting will give us greater assurance that we are protected against fraud, which is increasingly important as we expand our business and work with numerous suppliers and vendors from around the world," said Aaron Post, senior treasury officer, Greif, Inc. "We can now view Payee Names on eCheck payments from the daily Positive Pay report, and this product allows Greif to return potential fraudulent items."

"We developed an advanced payment bridge that feeds ACH payee name, check conversion type, and other ACH information into our traditional check payment systems and client reports," said John F. Dugan, vice president disbursement products. "As a result, our new offering gives our clients end-to-end fraud protection and payment confirmation reports to help ensure the correct suppliers and vendors are paid."

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