Source: Metavante Corporation
Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Frost Bank has implemented Vector: Duplicate Detection, a duplicate detection solution with enterprisewide operation at uniquely high speeds.
Vector: Duplicate Detection identifies duplicate payments that originate from any point of capture - whether by accident or deliberate intent. The solution is designed to support up to 3.6 billion items at speeds in excess of 50,000 items per second, and runs on standard hardware providing low total cost of ownership.
"With all the new electronic clearing options, financial institutions are now handling multiple forms of payments, everything from paper checks, to check images, substitute checks, and ACH. In this new environment, financial institutions need a reliable solution that will protect against duplicate payments across all these different payment channels and forms of payment," said Gary Nelson, president, Metavante Image Solutions. "Vector: Duplicate Detection continues our commitment to design robust payment processing innovations that solve real problems and allow our customers to process payments at peak efficiency and profitability."
With Vector: Duplicate Detection, financial institutions can reduce the high cost of back office research, adjustments and the correction of duplicate payments and double postings. It is also an effective fraud prevention system as the ability to operate enterprisewide facilitates detection of items that may have been deposited at one point of presentment and then re-deposited either at another location or as a different form of payment. This is particularly important with the anticipated increase in items converted to ACH transactions through back office conversion.
"With so many avenues for duplication, both deliberate and unplanned, a comprehensive duplicate detection solution needs to look at payments from all points of capture quickly and effectively," said Dave Rathke, senior vice president, Frost Bank. "Vector: Duplicate Detection provides the twin benefits of mitigating fraud risk while boosting back office efficiencies."
Vector: Duplicate Detection provides application program interfaces (APIs) that ensures integration to a financial institution's existing check and ACH capture systems. The solution also provides interfaces with exceptions management systems to review suspect items. It can be used to detect duplicates in both incoming and outgoing transmissions, to eliminate duplicates in forward presentment to other institutions.
Metavante also conducted an independent validation test to confirm the ability of the solution to detect duplicates at rated speeds, accept different input types (such as X9.37 and ACH) from any application, and hardware requirements.