Viewpointe®, a leading provider of check image exchange and archive services, today announced key test results of its risk mitigation tool, Viewpointe Image Integrity(TM). Viewpointe Image Integrity is designed to help financial institutions manage the risks associated with check image and data mismatches that can occur during check processing.
The Viewpointe Image Integrity tests revealed several potential benefits to financial institutions using this tool to mitigate risks in check image processing. In testing, the tool identified mismatches with 100 percent accuracy. Mismatches can negatively affect a financial institution, and could result in a customer data privacy breach. Such breaches can be expensive to remediate, can harm customer relationships and brand reputation and diminish trust between image exchange partners. With the risk associated with mismatches significantly mitigated, customer privacy is better protected and, as a result, the financial institution's reputation is as well.
Testing of Viewpointe Image Integrity also revealed that mismatch identification was more accurate than Viewpointe's previous image quality tool. The Viewpointe Image Integrity engine categorized 65 percent fewer items as suspects than the image quality solution did, demonstrating the engine's ability to filter out "noise" related to the MICR line. The outcome is that this tool delivers a smaller, more accurate suspect file requiring manual review by the financial institutions. As a result, financial institutions using this tool could potentially reduce the staff hours dedicated to suspect review.
The Viewpointe Image Integrity tool specifically identified mismatches in the testing pool with 100 percent accuracy in the following areas:
* Identified a total of 81 mismatch possibilities from 81 unique possible scenarios that could result in mismatched items
* Identified the entire file of 15,000 image and metadata mismatched items, tested in multiple scenarios, as suspect
* Found miscellaneous mismatches that typically occur from data key errors, including transpositions, missing digits and extra digits
* Distinguished the difference between similar numbers (for example, 1 and 7, 3 and 8, and 5 and 6)
* Consistently scored files and identified potential suspects; the same results were alts wlts were achieved every time Viewpointe Image Integrity processed each set of items
"With nearly 78 percent of financial institutions participating in the exchange of check images, and the industry now processing almost 14 billion items annually, the demand for higher quality, targeted image integrity and risk management tools has increased sharply," said Diane Scott, president, Viewpointe Emerging Business.
To assess the accuracy of Viewpointe Image Integrity, Viewpointe processed more than 14 million items, developed 400 unique test cases and conducted multiple testing scenarios. Also, Viewpointe Image Integrity was tested head-to-head with Viewpointe's previous image quality product (discontinued in 2008) to compare the accuracy of both tools in finding problems in check image files.
In testing, Viewpointe Image Integrity was also able to ignore quality issues typically identified as "suspects" by image quality products that do not ultimately result in a pay/no-pay decision. This allows financial institutions to focus on errors that could truly prevent payment of an item, such as when an item is not ready for posting due to data keying errors, missing or incomplete account data or non-numerical data. Also, the tool identified items that are potential mismatches as well as those with missing, truncated or transposed account numbers and encoding errors - all of which are corrections that could be completed the same day that the item is presented.
"These test results reveal that the Viewpointe Image Integrity tool can help shrink the size of their suspect files compared to what their current image quality solution may be yielding, and can help identify errors with greater accuracy than ever before. This can minimize the time that human resources must spend looking for items that are truly problematic, and can help financial institutions catch more mistakes before they are visible to their customers," added Scott.