Source: First Data
TeleCheck Services Inc., the world's leading check acceptance company and subsidiary of First Data Corp. (NYSE: FDC), today announced that it is enhancing its industry-leading fraud and risk management solutions with the STAR Network's STAR CHEK Direct service.
"It is TeleCheck's goal to help grow trusted relationships between businesses and their consumers by managing the fraud and risk associated with check acceptance," said Shelaghmichael Brown, president TeleCheck Services, Inc. "The STAR CHEK Direct service helps TeleCheck meet its objectives and enhances our ability to give merchants the confidence to do business with the customers whom they want. Additionally, this enhancement is an example of how First Data is effectively integrating services from across its enterprise to bring innovative solutions to its clients."
TeleCheck's proprietary database and fraud solutions use advanced adaptive decision technology and are the most accurately maintained and complete national source of check writing information available in the industry. STAR CHEK Direct is a unique service that offers TeleCheck the ability to verify funds availability and checking account status in real-time during a transaction. TeleCheck will also support real-time check debits later this year. Adding the STAR CHEK Direct capabilities will increase accuracy in TeleCheck's system allowing merchants to accept more check transactions by increasing the number of approvals while reducing the number of returned items.
"Working with TeleCheck to offer STAR CHEK Direct is a strategic match. STAR CHEK Direct offers streamlined administration, lower fraud losses and immediate funds availability, adding to TeleCheck's broad range of solutions for merchants and their customers," said Debra A. Janssen, president of First Data Debit Services. "We are pleased to work across the First Data enterprise to offer comprehensive solutions to our clients."
TeleCheck's database and risk management system are online and updated in real-time so TeleCheck catches check fraud as it happens making check payments more secure for merchants and consumers.