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How are duplicate IRDs causing problems for banks
by Carreker
Question: How are duplicate IRDs causing problems for banks, and what is the solution?
Answer: Banks have recently experienced significant volumes of duplicate IRDs, which cause double-posting situations. Double-postings result in serious disruption to operations and customer dissatisfaction.
Duplicate IRDs can occur when systems being used to print IRDs experience a print failure, or when banks send an item electronically more than once. Additional duplicates may be introduced by small-volume IRD printing services serving low-volume IRD producers, such as corporate offices.
Vendors are currently focused on addressing the IRD-followed-by-IRD duplicate problem and will enhance their solutions to detect the other duplicate situations in the near future. The other scenarios that must be addressed include IRD-followed-by-paper, paper-followed-by-IRD, paper/IRD-followed-by-electronic, electronic-followed-by-paper/IRD, and electronic-followed-by-electronic (where electronic could be X9.37, ACH, or other).
A solution that is currently available for ensuring against double postings as a result of duplicate IRDs detects duplicates at two points in the processing cycle (in either CPCS and non-CPCS environments). Duplicates are detected prior to posting, to ensure against customer service issues. This system works at very high speeds and does not affect the bank's current ability to meet its deadlines.
If your bank has been concerned about double postings associated with duplicate IRDs, Carreker's Payment/Guard™ is the answer. For more information contact Deanna Baker at 704.602.5292 and/or dbaker@carreker.com.
About Carreker Corporation
Carreker Corporation improves earnings for more than 250 global financial institutions by providing integrated consulting and software solutions in Risk Management, Payments, Cash & Logistics, Customer Value Enhancement, Revenue Enhancement and Business Process Outsourcing. Carreker offers a full range of payment processing solutions including image exchange, image quality, image capture and image enabled back office functions, all designed to meet financial institutions' current needs and provide a secure foundation for future growth. The company also offers a full range of payments migration consulting services designed to cultivate the opportunities and manage the challenges created by the migration of paper to electronic payments. For more information about Carreker Corporation, visit our web site at www.carreker.com.
First published on BankersOnline.com 8/01/05
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