Conix, a leading international provider of payment processing solutions to the financial services industry, was selected by Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) to provide its Dupe Detective solution, a system designed to protect both financial institutions and customer accounts from double postings of payments.
CONIX Systems was selected over other technology providers because of Dupe Detective's ability to eliminate duplicates across a statement cycle from any payment channel, including paper check, ACH, ARC, image cash letter processing, and IRD printing. Dupe Detective also provides BB&T with the data it needs to impose fees on institutions that send excessive duplicate items.
Using CONIX Systems' iCONIX infrastructure, Dupe Detective enables BB&T to decline acceptance of duplicate payments into its payments systems, reducing the liability risks associated with inaccurate postings and potential charges incurred by customers. This solution also eliminates duplicates in outgoing payment streams prior to sending them to correspondents.
"As the popularity of Check 21-enabled image exchange continues to grow in the financial services industry, duplicates simultaneously increase losses for banks, making detection and elimination of duplicates imperative," said Frank Stokes, president, Technology Group of CONIX Systems. "Through implementation of Dupe Detective, BB&T can enjoy the additional assurance that it will be able to capitalize on the benefits provided by Check 21 while upholding its reputation for excellent customer service."