CONIX is committed to helping the industry minimize the negative impact of changes in the payments landscape. As faster payment methods evolve, we feel it is crucial that our products support real-time processing.
Townshend, VT (PRWEB) February 07, 2017
CONIX Systems, Inc. (CONIX), a leading provider of technology solutions to the financial industry, announced that it is supporting real-time transaction processing in its Detective Suite™ and TCMx™ solutions.
The financial industry in the U.S. is seeking to address the growing market demand for transferring funds in real-time for purchases and other types of monetary transactions. Businesses and consumers alike are exploring alternatives for faster transfer of funds. In addition to driving new payment types, this industry push toward real-time payment processing is also driving faster processing of traditional payments, such as checks, debit, and ACH.
“CONIX is committed to helping the industry minimize the negative impact of changes in the payments landscape,” says Mike Charles, CONIX CEO. “As faster payment methods evolve, we feel it is crucial that our products support real-time processing.”
CONIX’s server-based Detective Suite products are designed to help financial institutions decrease payment risk and meet regulatory guidelines for high-risk payment offerings. The Suite includes
- Fraud Detective® for identifying fraudulent payments
- Dupe Detective® for identifying duplicate payments
- Risk Detective™ for rating customer risk and eligibility for products and services
- Cross-Bank Inquiry® for identifying fraudulent and duplicate payments across financial institutions
CONIX’s TCMx product is the company’s next generation bank settlement solution. Its legacy product, TCM®, has been used by many of the largest U.S. financial institutions for over 20 years for settlement of their payment transactions.
“We built on our experience with TCM to help financial institutions address the challenges of today’s environment. The settlement process has become increasingly complex as the number of payment types, channels, and platforms expands,” explains Charles. “Banks and credit unions are also challenged with adding real-time transactions to their settlement processes. TCMx is a server-based solution that supports payments of all types across different channels and platforms, as well as batch and real-time transactions.”
CONIX’s Fraud Detective and Dupe Detective products have provided real-time inquiry capabilities for some time now. Bank systems, such as Teller, ATM, mobile, or remote deposit, can inquire on the status of a payment at any point in time and take action accordingly, such as whether to release, hold, or limit the availability of funds. According to Steve Fortson, CONIX Director of Sales, financial institutions that are not yet positioned to accommodate real-time payment processing can benefit from real-time inquiry.
“By inquiring against our fraud and duplicate detection solutions in real-time, financial institutions are able to make quicker, more informed funds availability decisions on high-risk deposits,” states Fortson. “In addition, when financial institutions combine our fraud and duplicate detection solutions with Risk Detective, they benefit from the capability of accessing customers’ risk scores in real-time for handling suspect payments. This helps institutions identify fraud more accurately and reduce false positives that might adversely affect their customers.”
About CONIX Systems, Inc.
CONIX is a leader in providing payment processing software and related services to the financial services industry. Founded in 1992, the company is headquartered in Townshend, Vermont with offices throughout the United States. For more information about CONIX and its products, contact us at (800) 332-1861 or sales(at)conix.com.