With the vast array of capture sources contributing to an X9.37 file today, the quality of the MICR data has deteriorated. In the paper check world, the payee bank was the final quality check at the time of capture. With MIA, the bank is in control again.
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Burbank, CA (PRWEB) April 3, 2007
Cheque Guard (http://www.cheque-guard.com), producers of fraud prevention software and tools for specialized image analytics, announced today that they have completed Beta testing of their new MICR Integrity Assurance ("MIA") product at American National Bank, Omaha, Nebraska. The Bank has become one of the first in the country to address the unique problem of errors in the image cash letter ("ICL"), specifically with mismatches between the MICR line on the original check and the data in the X9.37 file. MIA allows the Bank to recognize errors in outgoing and incoming ICL's before posting, significantly reducing reputation risks, compliance risks and monetary risks.
By processing an incoming ICL through MIA and making the appropriate corrections, the bank is able to: prevent items from posting to the wrong account with the associated privacy issues; prevent Non-Posts; reduce the number of adjustments; reduce the time per adjustment; and prevent "writing-off" small dollar items by correcting them before they post.
Glenn Smith, Vice President, Items Processing for American National Bank, states "With the implementation of the MIA product, we are able to prevent the numerous misposts and non-posts that seem to be a daily part of receiving an ICL. Likewise, by filtering our outgoing items, we have confidence that we are not contributing to the problem. The potential privacy risk alone justified the project."
Although the move to sending and receiving checks via the X9.37 format has allowed banks to reduce costs and increase efficiencies, the change has not been without new challenges. Glenn Smith goes on to say, "With the vast array of capture sources contributing to an X9.37 file today, the quality of the MICR data has deteriorated. In the paper check world, the payee bank was the final quality check at the time of capture. With MIA, the bank is in control again."
Cheque Guard's president, Daniel Simon says "In this evolving world of check imaging, we are pleased that Cheque Guard has the opportunity to respond to the needs of the banks as they strive to complete the transition to check imaging. Our goal as a company is to provide financial institutions with products that enhance security, efficiency and cost effectiveness. MIA is a tool that allows financial institutions to process ICL's with confidence!"
MIA will be available for commercial release on April 3, 2007.
About Cheque Guard, LLC
Utilizing a full suite of software products, Cheque Guard provides innovative and customizable solutions for check fraud prevention, secure check printing, forms management, and image analytics to financial institutions of all sizes. At our core are three product groups that are designed with the Financial Institution in mind; ChequeSecure, our patented check fraud prevention product, utilizing an image survivable security mark; MICR Integrity Assurance (MIA); and ChequeSuite, check and forms management software. All three of these product categories address Security, Efficiency and Cost Effectiveness. With a forward-thinking management team and a committed and knowledgeable support staff, Cheque Guard builds value into every relationship.
Cheque Guard, LLC
Phone (949) 335-5379