Fiserv Introduces IRD Seal

Check 21, a law designed to encourage innovation in check processing, was implemented beginning on October 28, 2004. Financial institutions were required that day to accept substitute checks – documents produced from images of the actual checks. Developed along with Enseal Systems Ltd, a leader in document technology, IRD Seal is an image survivable security feature that contains encoded information specific to the substitute check, including the original MICR information and the truncating and re-converting bank information. IRD Seal is an application of the proven Secure Seal technology already deployed as part of the industry-leading Fiserv FraudGuard suite of applications used by organizations such as Bank of New York, Bank One, First Data Corp., J.P. Morgan Chase & Co., Northern Trust Co., US Treasury/Federal Reserve and Viewpointe Archive Services LLC. Unlike bar code solutions, Secure Seal can be incorporated easily into overall check/IRD design in an aesthetically pleasing manner. Secure Seal technology recently was included in a Financial Services Technology Consortium (FSTC) study of image survivable security features. The FSTC’s research indicated that the Secure Seal was read electronically 99.8% of the time with industry standard black-and-white images. Fiserv is using IRD Seal to authenticate the substitute checks it creates in Fiserv item processing facilities for financial institutions. The company also is marketing the product to financial institutions that choose to create their own substitute checks.