We are pleasantly surprised by how well the implementation went, especially since it is a new module
Lincoln, NE (PRWEB) December 2, 2008
Centrix Solutions Inc., a provider of risk management products to financial institutions, today announced that Payee Match has been added to Exact/TMS™, the comprehensive check positive pay, ACH positive pay and check reconcilement system developed by Centrix. This enhancement allows financial institutions to take the fight against fraud to a new level by offering corporate clients a fraud detection service that automatically detects when a payee name has been altered on a check.
Payee Match electronically compares the payee name from the check image to the original payee name that was on the check at the time the check was issued. This additional fraud prevention measure insures the payee name is not altered. Although traditionally thought of as a "big bank service", Exact/TMS™ now makes this functionality affordable and automated for community banks. According to Jeff Asselin, Vice President of Centrix, "Payee match has been a treasury services discussion point for years. In practice, however, this service was primarily offered only by the largest banks. Exact/TMS™ now provides a cost effective solution for institutions of all sizes to offer this service to their business customers. This type of service not only reduces losses associated with check fraud, but also helps banks attain new customers and increase deposits."
Mike Kroft from Mercantile Bank of Michigan in Grand Rapids knows the importance of serving corporate customers and understands the value that payee match offers, both from a fraud detection standpoint as well as a marketing perspective. In his role as Vice President of the eBanking Services Department at the $2.1B institution, Mike is continually evaluating the on-line banking needs of the commercial market and finding innovative ways to differentiate his bank. According to Mr. Kroft, "We concluded that in order to effectively compete for new business, payee match was a necessity."
In June 2008, Mercantile Bank of Michigan deployed the Centrix Exact/TMS™ positive pay system, including the Payee Match module. The bank is very pleased with the accuracy on reading the payee as well as the overall system performance. "We are pleasantly surprised by how well the implementation went, especially since it is a new module," said Mr. Kroft. "Centrix has been very responsive and they are incorporating new functionality based on our testing. We couldn't be more pleased."
To learn more visit http://www.centrixsolutions.com or call (402) 488-3990.
About Centrix Solutions, Inc.:
Centrix Solutions Inc., Centrix Solutions, located in Lincoln, Nebraska, provides financial institutions with products and services to help manage risk and optimize efficiency. With a product line that encompasses financial services, human resources management and systems management, Centrix provides clients with a broad array of strategic technology solutions. The Centrix professional services team evaluates technology needs, provides expert advice, and develops custom solutions for unique business problems or systems integration projects. More information can be found at http://www.centrixsolutions.com .
Bradley S. Johnson, Centrix Solutions, Inc.
Director of Business Development
bjohnson (at) centrixsolutions.com