VERO Introduces Automated Check Cashing Solution

Friday 12 November 2004 13:29 CET | News

VERO has launched the first end-to-end automated check cashing solution developed to measurably reduce check fraud losses.

VEROs proprietary Fraud Detection Engine delivers a level of automation and intelligence never before offered in a check cashing product or service. VEROs initial product offering helps banks and financial institutions to minimize losses due to check fraud associated with serving the unbanked customer. The VERO solution also streamlines bank processes to reduce overall costs while providing the unbanked customer with cost-effective and convenient alternatives to traditional check cashing methods. Ultimately, the solution enables the bank to establish an ongoing relationship with the check casher. VERO has developed a proprietary vehicle to determine methods of fraud and indicators of fraudulent activity. VEROs proprietary Fraud Detection Engine analyzes each transaction by cross-correlating various key factors that detect fraud involving both people and paper. The solution intuitively leverages all previous fraud instances and develops new parameters that are automatically applied to the next transaction. VERO Serves the Unbanked Customer VERO works with the unbanked check casher, typically an employee of one of the bank’s commercial business clients, to enroll the individual as a customer member. The enrollment process is a one-time event, unlike the repetitive procedure most banks require for each transaction. The check casher is quickly enrolled as a member through non-invasive technology that stores enrollment data for subsequent card-based transactions. In addition, existing bank customers can benefit from the convenience of automated check cashing transactions. Pricing and Availability VEROs check cashing solution is available now for commercial deployment in banks and financial institutions throughout the United States. Pricing for the scalable solution ranges from $5,000 - 40,000 for equipment costs plus services provided on a subscription basis.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce