VSoft Corporation, a global provider of information and technology solutions for financial institutions, announced the launch of OnView Positive Pay, which mitigates fraudulent checks and increases operational efficiency for financial institutions.
According to the Association for Financial Professionals’ 2017 Payments Fraud and Control Survey report, 75 percent of organizations experienced check fraud in 2016, which is an increase from 71 percent in 2015. OnView Positive Pay can significantly enhance an institution’s cash management technology portfolio, and by offering this intuitive application to business account holders, institutions can create a new source of revenue while mitigating risks overall.
OnView Positive Pay’s streamlined workflow automates the detection of fraudulent items. When an issued check’s account number, check number, amount, issue date or payee is matched against posted data and fraud is detected, customizable rules are triggered to stop the fraudulent check. Business account holders can decide to accept or return the item in the user-friendly Positive Pay application. If the account holder does not act on the reported fraud, the financial institution itself can approve or return the check through tailored item decisioning logic.
The platform’s rules, restrictions and thresholds are highly customizable, granting institutions the ability to tailor their users’ experiences. The implementation of Positive Pay allows financial institutions to benefit from a full audit trail that captures metadata elements for in-depth research, providing better visibility into account holder data. Additionally, business account holders can pull reports using a variety of comprehensive fields to access audit trail data.
When seamlessly integrated with OnView Payments Manager, Positive Pay can catch fraud before an item is posted, decreasing a financial institution’s number of returned items. The Positive Pay application also makes assigning user roles and restrictions easy, allowing financial institutions and business account holders to efficiently run operations, secure information and reduce bandwidth.
“As reported payment fraud increases year after year, fraudulent checks continue to be a top concern for business owners,” said Murthy Veeraghanta, chairman and CEO of VSoft Corporation. “Despite this increase in fraud and the apparent need for having controls in place, many financial institutions do not offer a user-friendly product to business customers that makes dealing with fraudulent checks simple.”
“OnView Positive Pay solves this challenge,” Veeraghanta continued. “VSoft offers a unique, automatic solution to validate checks and increase effectiveness in dealing with fraud, even when business owners refrain from accepting or returning the check themselves. OnView Positive Pay is a game-changer for business account holders as well as financial institutions, giving them each a strong competitive advantage when faced with fraud.”