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Cummins Allison Explains How ATM Technology Can Ease EMV Transition and Boost Overall Security

Edward O'Brien by Edward O'Brien
March 31, 2014
in Analysts Coverage
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EedenBull Mastercard Track B2B Payments, AR automoation

EedenBull Integrates Mastercard Track To Drive Modernization of B2B Payments

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Scottsdale-based Early Warning Services has announced the availability of its new Deposit Chek service, which reduces banks’ risk of accepting deposits of checks that have already been deposited at other financial institutions.

The duplicate item feature is designed to verify the legitimacy of mobile deposits by cross-checking them against deposits made at branch locations, ATMs, teller windows and lockboxes of other institutions across the country. Six of the nation’s largest financial institutions, some of the biggest proponents of RDC, are currently in the initial rollout and testing phase of the functionality. This will be followed by a broader launch in which the enhancements will be made available to all financial institutions.

The solution expands on Early Warning’s traditional account verification offering by using the same infrastructure shared among the company’s customer banks and the addition of its advanced analytics capabilities to identify duplicate check instruments across multiple channels and multiple institutions. The system begins working in real-time as the depositor snaps a picture of the check. The company has indicated that it’s working on developing an image repository so that institutions can examine duplicate items through the course of its investigations.

The birth of this solution certainly comes from market demand for more robust risk management capabilities surrounding remote deposit capture capabilities that have proliferated with the adoption of mobile banking services:

“The growth of mobile banking has been an exciting development for both institutions and their customers. Our latest enhancement to Deposit Chek Service helps ensure that mobile banking and specifically remote deposit capture can continue to grow and evolve to serve the changing needs of the industry,” said Paul Finch, chief executive officer for Early Warning. “Being able to screen a deposit made via a customer’s smartphone against deposits made across the industry means financial institutions can more confidently increase daily deposit limits and ease other restrictions around RDC, ultimately allowing them to better serve their customers.”

Click here to read more from Early Warning.

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