Commerce Bank Picks Positive Pay
Solution selected to enhance check fraud detection
Commerce Bank (Cherry Hill, N.J.) recently implemented Automated Financial Systems' (Exton, Pa.) AFS Positive Pay with Payee Name Verification and Orbograph's (Yavne, Israel) Super Trinity software applications to enhance check fraud detection for the bank's treasury and cash management clients.
"The AFS Positive Pay solution provides the payee verification capability for our clients, while being consistent with our overall strategy of moving as much of the current day-two item processing to day-one as possible and preparing for Check 21," says Richard W. Burke, senior vice president, deposit operations. "This strategy, combined with AFS Fraud Suite, allows us to be more proactive in the identification of all types of fraudulent items, more interactive with our clients, and provide products and services that are designed to prevent fraud rather than react to it."
Positive Pay is designed to address "payee alteration" check fraud and will save financial institutions and their commercial customers millions of dollars in potential fraud losses by adding crucial payee information to the checks-issued file, claims AFS. The solution can be initiated immediately after inclearing, proof-of-deposit (POD) and traditional positive pay processes have been completed.
Commerce Bank has integrated the Positive Pay with Payee Name Verification to its teller windows to mitigate further check fraud at a crucial real-time checkpoint.
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