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Digital Identity, Security & Online Fraud

VSoft launches new product to mitigate fraudulent checks

Wednesday 14 March 2018 | 01:48 PM CET

VSoft, a global provider of information and technology solutions for financial institutions, has announced the launch of OnView Positive Pay, a product designed to mitigate fraudulent checks.

OnView Positive Pay’s workflow automates the detection of fraudulent items. When an issued check’s account number, check number, amount, issue date or payee is matched against posted data and fraud is detected, customizable rules are triggered to stop the fraudulent check. Business account holders can decide to accept or return the item in the Positive Pay application. If the account holder does not act on the reported fraud, the financial institution itself can approve or return the check through tailored item decisioning logic.

When integrated with OnView Payments Manager, Positive Pay can catch fraud before an item is posted, decreasing a financial institution’s number of returned items. The Positive Pay application also makes assigning user roles and restrictions easy, allowing financial institutions and business account holders to secure information and reduce bandwidth. OnView Payments Manager is another VSoft product that accepts payments from all channels, including third party solutions, to enable payment-processing services, operations management, reporting, and monitoring.

More: Link
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