Carreker Launch New Payment/Guard Solution

After the Check Clearing Act for the 21st Century (Check 21) took effect October 28, 2004, banks were no longer required to have access to original checks for collection and settlement, but could use substitute checks (also known as IRDs) and images instead. Financial institutions are currently creating hundreds of thousands of IRDs daily, with these volumes expected to continue to grow. A number of production control situations can cause duplicate IRDs to inadvertently be introduced to a financial institution, resulting in possible double postings, increased operational costs, and customer service issues. Payment/Guard prevents these double postings by detecting duplicate IRDs prior to posting. The solution interfaces to a banks existing capture system to identify and store IRDs received by the bank as part of inclearings or Proof of Deposit (POD) work. As each new IRD is processed, it is compared to previous items to check for duplicates. Detected duplicates are then prevented from being posted to customer accounts.