Conix Systems a leading international provider of payment processing solutions to the financial services industry, announced that Winston Salem, N.C.-based BB&T has successfully deployed its Dupe Detective solution to prevent both double postings of payments to customer accounts and sending duplicate payments to correspondent banks.
The volume of duplicate presentments between financial institutions continues to increase as banks expand their image exchange activity. Banks are diligently working to fully identify and address the issues surrounding duplicate payments; including origination, prevention, early detection and proactive resolution. Unaddressed, the costs and liabilities associated with duplicate payments threaten to significantly impact financial institutions.
Since deploying CONIX Systems' Dupe Detective solution, BB&T is able to detect and resolve duplicates both within and across paper check, image exchange, and ACH eCheck payments. "With Dupe Detective, we can now detect and handle all duplicate payments in Day 1. This presents new opportunities to resolve the duplicates without affecting or involving our customer," said Tim Dillow, senior vice president at BB&T.
Key factors of the CONIX solution identified by BB&T as critical to the project's success are the ability to handle all payment sources, the ability for operators to review all duplicate suspects in Day 1 and easily compare the payments for decisioning, the integration into BB&T's current payment and back office systems for final resolution, and CONIX's commitment to BB&T's success. "Dupe Detective is the best solution currently available in the market to prevent both On-US and Transit duplicates," said Dillow. "It is very simple to use, requires minimal training, integrates well into our current workflow, and provides instant gratification to the balancing staff knowing they were able to prevent a posting error from occurring."
The Dupe Detective solution is integrated into BB&T's DSS TRIPPS Returns systems, enabling the bank to discern re-presentments of returned items from true duplicate payments. Dupe Detective is also integrated into BB&T's payment system for removal of the duplicate payments from further downstream processing and automated generation of any required adjustment transactions.
"Our goal was to develop a product that enabled review and disposition of duplicates across all payment silos on Day 1 for both Transit and On-US payments," said Frank Stokes, president, Technology Group of CONIX Systems. "BB&T's success proves that we have accomplished that goal, and going forward, we will be working closely with our customers to determine system enhancements and functionality that will provide the greatest, immediate benefit to their operations and to ensure our customers are equipped with the tools to proficiently manage their business."
Dupe Detective's latest release includes business-rule capabilities aimed at simplifying and speeding the deployment of bank policies for identification and handling of duplicate payments. BB&T plans to exploit this new capability for further processing improvements and greater efficiency. Dillow further states,
"With Dupe Detective, our duplicate problem has been resolved. We have an excellent partner in CONIX and are proceeding confidently as we continue to refine and expand our duplicate detection system at BB&T."
Dupe Detective is the only cross-channel duplicate prevention system deployed in the industry.