Cross-Bank Inquiry™ for Fraud and Duplicate Detection Now Available from CONIX

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Cross-Bank Inquiry enables financial institutions to work together for early detection of fraudulent and duplicate payments.

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“Cross-Bank Inquiry is of strategic importance to the industry since it eliminates most duplicate and many fraudulent items at the source and enables client adjustments to occur 24-48 hours earlier in the process.

CONIX Systems, Inc. (CONIX) announces the availability of its Cross-Bank Inquiry (CBI™) product. CBI provides a practical and effective solution for cross-bank identification of duplicates and fraud prior to presentment.

The growing popularity of RDC and mobile deposit inherently increases the probability of duplicate and fraudulent payments being presented to different institutions for deposit. Due to item-clearing processing, funds availability policies, and return or adjustment guidelines, depositors can withdraw these funds before duplicate and fraudulent payments can be charged back to their accounts. CONIX’s CBI solution enables financial institutions and payment processors to inquire against each other’s duplicate and fraud systems to identify the suspects before presenting them to the owning bank for payment. The presenting institution then has the opportunity to prevent the withdrawal of funds based on the results of the inquiries.

CBI is a distributed database solution, where each financial institution maintains its own database and responds to payment validation inquiries from corresponding institutions.

“One of the main advantages of the distributed approach is improved security, since data is shared on an inquiry-basis only,” says Mike Charles, CONIX CEO. “In addition, the scope of the items being compared against is increased. Most institutions will only send a portion of their items to a shared database, either for security or financial reasons. With a distributed approach, inquiries are compared against all of an institution’s transactions across its various payment silos, greatly improving the accuracy of the results.”

In addition to batch processing of payment inquiries, CBI facilitates real-time inquiries from ATMs, teller, and other systems. CONIX also provides the CBI Switch technology for managing communication between participating institutions. CBI Switch accommodates communication with other CBI Switches and with participants who have duplicate and fraud solutions that are not provided by CONIX. This makes it possible for all financial institutions, check cashers, and payment processors to benefit from CBI.

Steve Fortson, CONIX Director of Sales, summarizes, “Cross-Bank Inquiry is of strategic importance to the industry since it eliminates most duplicate and many fraudulent items at the source and enables client adjustments to occur 24-48 hours earlier in the process. Our intensive discussions with financial institutions and payment processors across the industry demonstrate that institutions are ready and willing to cooperate with each other to avoid losses and reduce adjustment costs.”

About CONIX Systems, Inc.
CONIX (http://www.CONIX.com) is a leader in providing payment processing software and related services to the financial services industry. CONIX’s Detective Suite™ consists of enterprise risk management solutions that help financial institutions intercept and dispose of fraudulent and duplicate transactions, as well as assess customer risk for RDC, mobile, and other payment options. For more information about CONIX and its products, contact us at (800) 332-1861 or sales(AT)conix.com.

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Tina Ward
@conixsystems
since: 06/2009
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