NORWALK, Conn. — Xerox is working with financial institutions to reduce the estimated $1.1 billion in U.S. check fraud through a new service that detects duplicate checks prior to processing payment.
Duplicate payment processing occurs when a check is deposited to an account more than once – for example, via an electronic check-imaging deposit and then at a bank branch – causing the check issuer to pay more than the original amount.
Xerox can identify and resolve duplicate payments from all sources before funds are transferred. This streamlined approach saves the financial institution time and money by protecting against both fraud losses and costly resolution procedures that typically take up to 30 days to complete.
“As the number of ways a consumer can deposit a check grows with the evolution of digital banking, financial institutions are seeking options to reduce inaccurate transactions,” said Mark Brennan, Xerox Finance and Accounting Capability Group Leader. “We’re helping financial institutions move closer to a zero-defect process – ultimately allowing our customers to improve the relationship with their customers.”
Xerox will help financial institutions protect against posting duplicate payments by adding CONIX’s Dupe Detective® solution to its item processing portfolio.
Xerox processes up to 3.5 million payments daily, working to improve financial security and compliance for increased customer satisfaction and loyalty among banking institutions.