Bank of America Global Treasury Services Announces Enhancement to Positive Pay Payee Verification Pr

Wednesday 3 March 2004 00:53 CET | News

Bank of America Global Treasury Services (GTS) has expanded capabilities that will be offered by its Positive Pay Payee Verification Protection Service.

Bank of America will implement the image-based system upgrade that will detect false or altered payee names on checks presented to the bank. The Payee Verification Protection Service will combine Viewpointe LLCs image archive with Fiservs FraudGuard technology to compare payee information printed on the face of the check with the payee issue information. Payee Verification Protection stands to benefit any GTS client who issues paper checks -- including U.S. domiciled accounts for small businesses, commercial and large corporations. Bank of America will be the first to leverage a national image archive to provide a seamless image-interrogation process. This will allow clients to receive notification of suspicious items as early as possible in the process, providing the most efficient and cost-effective defense system against check fraud. The enhanced service is scheduled to pilot in the second half of 2004. With its new enhanced check-fraud detection system, Bank of America has embarked upon a reconcilement program that will protect its clients with the most advanced suite of tools available today.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce