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
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