SQN upgrades cheque signature verification software

Source: SQN Banking Systems

SQN Banking Systems, a leading provider of integrated fraud detection and process improvement products for the financial industry, announced the enhancement of SENTRY: SigCheck.

The software identifies check fraud through automated comparison of signature images and greatly improves efficiency for financial institutions through increased speed and decreased human contact. Hawaii National Bank has been one of the keystone institutions of Hawaii finance, providing a wide range of services to small business customers and individual account holders.

"We have seen tremendous improvement in our bank processes with SENTRY: SigCheck because the software sees what the human eye cannot," said Linda Wright, assistant cashier for Hawaii National Bank. "The software speeds up the signature verification process, exponentially increasing our productivity, and we no longer suffer losses due to forged signatures."

SENTRY: SigCheck compares the signature in question with the account - specific signatures on file until it finds a suitable match, then scores the similarity according to thresholds determined by the financial institution. The score tells the user how closely the signature matches the reference signatures in the database. Most accounts have multiple signatures, which are extracted from signature cards and previously cleared checks. The database is continually updated to account for the ongoing changes in the individual's signatures.

SENTRY: SigCheck scores several checks per second, comparing multiple signatures per account. SENTRY: SigCheck is automated to run unattended during the night.

The multi-tiered system is configured by the financial institution to determine specific scores and dollar ranges that require a supervisor to review a suspect check.

"With SENTRY: SigCheck, financial institutions can feel more confident in their pay/no pay decisions and verify substantially more checks in less time," said Joe Uhland, Jr., president of SQN Banking Systems. "The automation and speed of the software allow bank employees to dedicate their time and energy to what really matters: the customers."

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