Carreker unveils advanced AML and wire fraud systems; CPS live with Source Capture

Source: Carreker Corporation

Carreker Corporation (Nasdaq: CANI), a leading provider of technology and consulting solutions for the financial industry, today introduced the latest components to its CORE (Carreker Online Risk Expert) solution suite at BAI's Combatting Identity Theft & Payments Fraud Conference.

The products are CORE Fraud Manager Wires and CORE Fraud Manager AML. CORE Fraud Manager is an advanced platform that integrates enterprise-level risk management for compliance monitoring and fraud detection across multiple channels and relationships.

  • CORE Fraud Manager Wires works in conjunction with a bank's wire systems and processes to analyze current wire transfer activity from over-the-counter, telephone, and Internet origins in real-time. This is critical because wire transfers can involve large sums and are irreversible. It uses transactional data that includes customer profiles, historical data, and information about the beneficiary and funds destination. It matches transactions against Country Risk Ratings, negative and positive list information and the bank's Beneficiary Exempt Lists to detect known criminals and minimize false alerts that would delay legitimate transactions.
  • CORE Fraud Manager AML is an advanced transaction monitoring system that analyzes and captures data across products, accounts, channels and business unit boundaries to provide an enterprise-wide solution with fully scalable point solution capabilities. By analyzing and comparing monetary and non-monetary data from all available data sources, Fraud Manager AML identifies suspicious activity that may be indicative of money laundering to generate alerts using a risk-based approach.

    Increased international and domestic legislation, in combination with heightened criminal activity, are forcing banks to increase monitoring for suspicious transactions or risk legal and financial penalties for banks and their officers. Celent Communications estimates that between 2003 and 2005, banks, broker-dealers and insurance carriers in the US will spend an estimated total of $632.2 million on AML software solutions and related hardware and services.

    Thomas G. Gordon, senior vice president, Carreker's Risk Solutions Group, said, "In today's environment, effective risk programs require ire advanced technology to automate and improve the detection of suspicious activity for compliance and fraud purposes. With the variety and number of solutions available, the purchase of an effective solution will become a much more critical metric in this space. These latest CORE components provide financial institutions with scalable, enterprise-wide risk management technology that when seamlessly integrated into a bank's fraud and compliance environment, offer a comprehensive processing solution through automated response, reporting and workflow management capabilities -- without impacting customer service."

    "As anti-money laundering and wire fraud schemes become more sophisticated, our clients will continue to look to us to provide the latest solutions in compliance and fraud detection capabilities," said J.D. (Denny) Carreker, chairman and CEO, Carreker. "Our Wires and AML releases significantly strengthen our CORE Fraud Manager solution and let us expand our ability to help banks increase the profitability of their payments business."

    Separately, Carreker Corporation (Nasdaq: CANI), a leading provider of technology and consulting solutions for the financial industry, announced today at the AFP 25th Annual Conference in San Diego that Creative Payments Solutions (CPS), the payments processing subsidiary of BB&T, is in production with Carreker's Source Capture.

    On October 18, 2004, Prime Rate Premium Finance Corporation, Inc. launched a six-week test of Source Capture. The Florence, South Carolina company uses a Panini S120 desktop scanner with the Source Capture solution to capture incoming premium finance payments, remittances, and checks -- with volumes as high as 3,000 items per day. The images are transmitted to CPS in Wilson, North Carolina, for posting and collecting.

    Jay Lingle, president of Prime Rate Premium Finance Corporation, said, "We are pleased to find that we can indeed save considerable time and expense by capturing our payment information more quickly and getting faster availability of funds. In addition, access to these images of the payment documents means that we will be able to deal more expeditiously with any customer inquiries. This is the kind of advanced payment technology that we value from our bank."

    Harold Williams, senior vice president, Creative Payments Solutions, said, "This success with Prime Rate validates our vision for serving corporate checking customers by providing them image capture capabilities at the location of their choice -- as close to their point of payment receipt as possible. This capability, which we deployed at relatively low start-up costs, effectively diminishes the geographical restrictions on banks' ability to serve corporate customers."

    With Source Capture, corporations can use low-cost image scanners to capture images of checks, inspect the quality of the image captured, create an electronic deposit, and transmit the check and deposit data to the bank electronically -- rather than physically transporting checks to various bank branches.

    Under Check 21, which took effect on October 28, 2004, banks no longer need access to original checks for collection and settlement, but can use substitute checks and images instead. Source Capture will bring corporate customers substantial benefits of convenience, consolidation of bank relationships, and lower deposit processing fees by imaging checks at their own locations. Future capabilities of Source Capture from Carreker will include imaging checks at bank remittance, branch, cash vault and ATM locations.

    John Carreker, president of Carreker's Global Payments Technologies, said, "CPS's rapid deployment of Source Capture and our work with Prime Rate Insurance are testimony to the solid competitive advantage CPS has staked out. With the latest in image technology, they are fulfilling the potential of Check 21 and related advances in image technology."

    J. D. (Denny) Carreker, chairman and CEO of Carreker Corporation, said, "One after another, we are seeing our image-based solutions successfully deployed by leading banks. With each success, our vision for helping banks reestablish their leadership in the payments business is fulfilled. Source Capture is clearly one of the most attractive tactics, as it can quickly and inexpensively create high value for banks' corporate clients."
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