Anywhere Payee

Matching and reading payees for risk and operational workflows

Anywhere Payee

Anywhere Payee utilizes enriched recognition technologies applied to the payee field on personal and business checks as a method to validate the correct “pay to the order of” name on a check.

 

Certain workflows are more sensitive to having the correct payee on a checks where posting errors, illegal payees or fraudulent payees are prevalent.  Examples include:

  • Wholesale lockbox: corporate clients take in deposits can includes checks with incorrect names, or lockbox workflows can capture checks in incorrect order leading in posting and deposit errors
  • ATM deposit processing: retail and treasury deposits become intermixed when back-end systems are deployed for deposit processing
  • Mobile RDC: due to the sensitivity to fraud and restrictions on mobile deposits, financial institutions prefer to validate the payee against the account holder name
  • Marketing applications: payees can be compared to data dictionaries of certain types of payees to identify spending habits of retail and corporate accounts
  • Compliance: extraction of payee for compliance purposes typically licensed under Anywhere Compliance

 

This module is comprised of:

  • Enriched payee recognition technology for business and personal checks
  • Payee matching logic: Account Name Validation
  • Free read data extraction on business checks of payee field if account name is not available
  • “Cash” in payee identifier

 

Tangible Achievements:

  • Reduce posting errors (est. $25 to correct)
  • Improved client satisfaction
  • Reduced fraud
  • Reduced risk
  • Create marketing programs based on consumer spending
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