Fiserv Imagesoft, a unit of Fiserv, (NASDAQ: FISV) and CONIX Systems, a leading international provider of payment processing solutions to the financial services industry, announced a partnership today to provide financial institutions with a solution to eliminate the problem of duplicate payment postings and processing.
The immediate benefit of this partnership is to enable financial institutions to eliminate duplicate processing of payments. Duplicates are typically not identified until after customer accounts are posted. But with technology provided by CONIX Systems, Fiserv Imagesoft is now able to provide its customers with the means to identify and handle duplicates before they ever get posted inaccurately.
Under this partnership, Fiserv Imagesoft customers, which include hundreds of financial institutions worldwide, can easily implement CONIX Systems' newly announced Dupe Detective. This product prevents the same item from being received and posted multiple times, thereby eliminating the associated liability risks, higher costs and customer dissatisfaction. It also prevents the same payment from being sent to the bank for collection multiple times, regardless of the payment source. Dupe Detective monitors check processing, ACH, lockbox and other payment systems to provide the broadest possible protection. Additionally, Dupe Detective provides Fiserv Imagesoft's customers with the data needed to impose fees on institutions that send excessive duplicate items.
"CONIX Systems' Dupe Detective solution comes at a time when it is most needed by the financial services industry, as the problem has been deeply exacerbated by Check 21," said Ron Thompson, president of Fiserv Imagesoft. "Combined with our FraudGuard and ExchangeGuard solutions, we believe Dupe Detective enables us to provide our customers with a more complete suite of products to mitigate the most dangerous risks associated with the exchange and posting of payments today."
"Our goal at CONIX Systems is to anticipate the needs of our customers and provide the best technology to meet those needs at a cost-effective price," said Frank Stokes, president, Technology Group for CONIX Systems. "Our partnership with Fiserv Imagesoft enables CONIX Systems to deliver new technology to a broader customer base."
"As Check 21 continues to change the face of the payments industry," adds Stokes, "Dupe Detective and similar tools will protect financial institutions and their customers from the unintended consequences of the payment processing evolution."