Anywhere Payee
Match, read, and validate account holder name to reduce posting errors and protect against deposit fraud
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 to detect and reduce deposit fraud.
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:
- 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
- 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
- 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
Anywhere Payee is now available within Anywhere Fraud through the new Sherlock 5.3 release -- enabling payee results to be used for both data intelligence and Positive/Negative lists to improve fraud detection and reduce false positives. For more information, visit the Sherlock 5.3 webpage to request documentation and access to the software.
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