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
- Payee Negative List
- Payee vs. Payor Comparison
- 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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