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Securing Your Bank's Cashier's Check Issuance

What are the components of a secure cashier's check issuance process?

Financial institutions are under ongoing pressure to implement secure systems and processes to ensure compliance with current regulation and legislation, including Sarbanes-Oxley, Section 404, BSA/AML, FFIEC Authentication Guidelines, and OFAC. Combatting check fraud is also an ongoing concern, simply due to the issues and potential liabilities that fraud creates when it occurs. Many financial institutions are still relying on antiquated issuance, approval, and reporting processes that increase their exposure to cashier's check fraud. Whether checks are being printed for loan servicing, wealth management, branch customer requests or at remote commercial-client locations, the fraud vulnerabilities of your institution's check processing should be addressed.

Current check issuance solutions offer a host of features designed to protect your institution from fraud. Some system features to consider to add optimal security to your check processing include: a configurable, multi-tier check approval process, data encryption all the way to the printer, reprint/duplicate check suppression, audit and event logs, integrated OFAC lookup, strong user authentication and access control, multi-level user permissions, signature logic, printed-check security features, and easy integration with back-end positive pay systems. Your cashier's check issuance system should also provide centralized visibility and control of all check issuance activities and integrate with institution's existing systems.


First published on 09/26/2011

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