Payee Name Verification
Anywhere Positive Pay uses targeted OCR on images of pre-printed business checks and compares the recognized payee names to the payee field of the issue file to proactively identify payee alterations.
Financial institutions and treasury departments typically subscribe to positive pay services to limit fraud exposure on corporate accounts. The majority of positive pay systems only match on serial and amount fields, leaving a “check theft” alteration undetected. With Anywhere Positive Pay, the system searches for payee alterations by both reading the payee as well as searching for payee replacements and payee edits, including “and/or” additions to the printed payee field.
Anywhere Positive Pay applies different technologies and logic to as summarized below:
- Automatic business specific layout recognition and keyword locking on “pay to the order of”
- Multi-OCR recognition on business checks
- Payee name verification and alteration detection using payee issue file source
- Free read data extraction on business checks of payee field if issue file name is not available
- Account level override definition (future capability)
- Reduce risk of fraud losses
- Improved control over financial processes
- Automatically verify 90%+ of the business checks
- Minimize operational overhead
- Expand services of positive pay
- Meet competitive pressure from other banks offering payee name verification
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