Advanced Financial Solutions, Inc. (AFS), a leading provider of image-based item processing solutions to the banking industry, and Orbograph, the leading provider of recognition solutions for the U.S. checking market, today announced that Commerce Bank, of Cherry Hill, N.J., has implemented the AFS Positive Pay with Payee Name Verification and the Orbograph Super Trinity software applications to enhance check fraud detection for the bank's treasury and cash management clients.
According to the latest American Bankers Association Deposit Account Fraud Survey, Positive Pay is the single most effective program for the prevention of check fraud. AFS Positive Pay with Payee Name Verification is designed to address "payee alteration" check fraud, and will save financial institutions and their commercial customers millions of dollars in potential fraud losses by adding crucial payee information to the checks issued file.
AFS Positive Pay with Payee Name Verification arms financial institutions with another weapon in the battle against unauthorized disbursements and fraudulent checks. It can be initiated immediately after Inclearing, Proof-of-Deposit (POD), and traditional Positive Pay processes have been completed.
Commerce Bank has integrated the Positive Pay with Payee Name Verification to their teller windows, to further mitigate check fraud at a crucial real-time checkpoint. Commerce Bank's tellers will compare not only the check amount and check number, but also the payee line information on the check against the payee information in the checks issued file to make quick and accurate processing decisions.
Orbograph's Super Trinity leverages the most accurate recognition technology in the industry and provides the perfect complement to AFS Positive Pay with Payee Name Verification. Orbograph Super Trinity provides automatic location of the payee field and supports multiple line payees. In addition, Orbograph Super Trinity supports varying font sizes and layouts and detects misencoded items.
"AFS Positive Pay with Payee Name Verification and Orbograph Super Trinity add an additional level of security and provide the most complete protection available," said Janet Roig, Commerce Bank VP and Director of Finance. "The powerful capabilities these solutions provide are critical to our treasury and cash management offering, and strengthens our commitment to reducing risk and eliminating check fraud."
Added George Bunn, Commerce Bank Vice-President, "AFS Positive Pay with Payee Name Verification and Orbograph Super Trinity both increase the data validation on our customer's business checks and significantly decreases any possibility of fraud due to payee line alterations."
"AFS Positive Pay with Payee Name Verification is another example of how we are leveraging check imaging technology to help Commerce Bank better serve their many treasury and cash management customers," said Steve Winkler, AFS General Manager for the Large Banking Division.
Commerce Bank provides its valued customers with the most sophisticated suite of image-based check fraud management tools available. In addition to Positive Pay with Payee Name Verification this suite of products includes AFS TellerVision, and AFS Fraud Filters.
Through AFS TellerVision, branch tellers are presented with the on-screen images and signature information needed to authenticate checks before they are accepted. Tellers review the image of the signature card on the screen next to the checks that require review. By having the tellers review the on-screen signature cards with the items as they come through the teller line, fraudulent checks are immediately identified and losses are prevented.
AFS Fraud Filters are a unique set of transaction filters calibrated to catch several specific types of fraud on contact, across a diverse point of presentment network, including check fraud, ACH fraud, and ATM fraud.