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A New Degree of Verification
Software companies are now coming up with new ways to encode checks so that companies and their banks using positive pay can automatically detect and deter fraud.
Northern Trust Company recently announced that it is testing a product that puts an encrypted bar code inside a picture on the front of checks. Commercial customers would use the software in conjunction with their check printing systems to print the picture on the check. The banks could then read the code in the picture. One of the main advantages to this particular system is that the encoded, encrypted information is concealed within the picture.
If Northern Trust's pilot test succeeds, the company intends to roll out the product to its thousands of commercial customers later this year.
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 6, 7/02
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