This press release from Cachet Financial Solutions claims to reduce fraud risk associated remote deposit capture utilizing geofencing, establishing risk rules, and recognizing endorsements:
“Cachet Financial Solutions (OTCQB:CAFN), a leading provider of cloud-based SaaS (Software as a Service) mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, announced today the availability of its enhanced Select Mobile™ Deposit solution with advanced fraud protection. Significant enhancements made to Cachet’s Select Mobile Deposit solution, which are unique in the industry, include geo-fencing, unlimited user groups with defined business rules, and date, signature and endorsement detection.
Select Mobile’s geo-fencing controls fraud by limiting acceptance of checks to a specific geographic area as defined by latitude and longitude. Only check deposits within the defined geographic area would be accepted, minimizing the financial institution’s (FI’s) risk of receiving bad checks. Also unique to Select Mobile is the solution’s flexibility to allow unlimited business groups, with defined rules per group, regarding the acceptance of check deposits. As the relationship changes, the FI can move the client up to the next level of deposit acceptance, i.e, higher deposit limits, higher limit per day, etc. Detection for check date, signature and endorsement also provides enhanced fraud protection. Whereas other solutions only verify that there is something on the back of the check, Cachet’s Select Mobile solution verifies that an actual endorsement is present. Additionally, the solution verifies that a date and signature exists on the front of the check, further supporting the validity of the check.”
The solution also automates real-time posting to several core platforms:
“A Select Mobile enhancement not specific to fraud protection, includes the addition of real-time posting to DCI and Jack Henry, which allows an FI running those core banking platforms to see deposits instantly. If the deposit passes the defined business rules, the funds will be deposited immediately into the customer’s account. Otherwise, the check is denied or flagged for further review. Unlike other solutions that only run deposits in batches at the end of the day, Cachet’s Select Mobile enables faster deposits for its clients and their customers, improving the overall client experience.
‘Concerns about the security of mobile financial services have been heightened recently with several sizable cases of security breaches in the news,’ said Jeffrey Mack, president and CEO of Cachet. ’Cachet takes our client’s concerns about security and risk very seriously. The recent enhancements to our mobile deposit solution are part of our commitment to drive continuous innovation in risk mitigation technologies to give financial institutions the most advanced fraud-fighting tools possible.’ ”
Overview by Tim, Sloane, VP, Payments Innovation Advisory Service at Mercator Advisory Group
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