Memphis, Tenn. (Vocus/PRWEB) March 24, 2011
Software Earnings is releasing a new product designed to detect duplicate items within a bank’s enterprise payments system. Banks receive electronic deposit files daily. These incoming X9 deposit files and other electronic file formats have produced an array of variables for banks to monitor, manage, and report. Due to the extensive variety of deposit files, today’s banks need a centralized duplicate item detection solution. Without essential validation, these files are not ready for ingestion into banks' payments systems. Adding a duplicate item detection solution to banks’ payments processing systems reduces the risk and exposure of unauthorized duplicate items being processed.
Payments Navigator Duplicate Item Detection can be utilized at any point in the payments processing workflow to detect and decision potential duplicate items. Because of this, the solution provides a much-needed defense that minimizes the negative impact duplicate check deposits cause through double posting, as well as return item liability with exchange partners.
Duplicate Item Detection reviews each item’s codeline and image file size and examines for duplicate items against previous deposits for a time frame set by the bank. After the duplicate detection process is complete, the results will be compared to a threshold parameter defined by the bank. Files that exceed the threshold allowance will be suspended for further decisioning. This will allow the bank to take immediate decisive action. If the results fall below the threshold, the suspect items will either be subjected to item level decisioning by bank personnel or automated decisioning rules. After decisioning, items that are confirmed to be true duplicates will be flagged on the output file for downstream adjustments.
Integrating with Software Earnings’ workflow monitor and tracking application (OnTrac), Duplicate Item Detection can provide a notification e-mail to the appropriate internal bank personnel.
Financial institutions can contact a Software Earnings Account Executive today to learn how Duplicate Item Detection can be integrated into their existing payments system(s). For additional information, please visit http://www.SoftwareEarnings.com.
About Software Earnings
Software Earnings, Inc. (SEI) specializes in providing financial institutions with leading-edge payments processing and document management solutions. SEI’s Payments Navigator provides consulting, applications and installation resources to create a complete image exchange solution. As 2011 begins, the company moves forward as a thought leader on payments convergence and introduces their new mobile depositing and fraud detection products. SEI solutions are designed to take banks to an optimum level of performance, efficiency and expense reduction. For over 22 years, Software Earnings’ technologies have met the needs of the banking industry, impacting over 25 million items daily. For more information, visit http://www.SoftwareEarnings.com.
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