Carreker Corporation has formed an alliance with Advanced Software Design (ASD) Corporation to offer an integrated solution that allows financial institutions to offer their customers enhanced counterfeit and altered check detection capabilities.
The new tool combines Carreker's payee verification product with ASD's encryption printing product on the same platform. For positive pay customers, the system eliminates the need for manual review of suspected checks by automating the detection of payee line alterations. Customers who provide check issue files to a bank also provide payee information, which is compared automatically by the new system with the payee line. Customers who do not provide positive pay files have a new way to cut down on fraud - by printing encrypted codes on payroll checks or accounts payable checks. The codes can then be used to verify the checks at presentment. Banks can also use the encryption for their own bank money orders, cashier's checks and other documents. Both payee verification and the encryption codes are Check 21 compliant.
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