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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
fraud prevention world cropped

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

Tangible Achievements:

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

Want to learn more?

Anywhere Payee Brochure

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