As financial technology evolves and with increasing demand for mobile deposit, there is no doubt that managing critical applications has become more efficient and easier, but how well has the allied risk of check fraud been handled and to what extent has this growing concern been addressed?
Well, the innovative startup, Cachet financial solutions, provider of commercial and consumer remote deposit capture (RDC) solutions, has come up with a dynamic CheckReview product that was demoed at Finovate Fall and the product should make financial institutions heave a sigh of relief.
CheckReview is expected to identify potential check fraud by giving institutions the ability to view and validate a high-resolution digital image of the check in real time. Cachet also presented a detailed position paper- "Remote Deposit Capture and Mitigating Risk"-on remote deposit capture and check fraud mitigation.
The position paper underscored the importance of consumer adoption of remote deposit capture technologies, the risks involved and ways to mitigate such risks.
“The opportunity to present our solution at Finovate was an honor and also an ideal time for us to make this information available to financial organizations concerned about fraud," said Jeffrey Mack, president and CEO at Cachet Financial Solutions, in a statement.
But how different is Cachet's product from other RDC solutions?
Well, in the past, remote deposit capture solutions only allowed check images to be viewed after clearance, but Cachet's solution allows access to check images when the deposit is made and before clearing, giving users greater control and minimizing the risk due to check fraud.
In addition, CheckReview's user friendly interface makes managing an RDC program simple. Financial institutions are now well positioned to offer a reliable and robust RDC solution that incorporates a key reporting functionality.
Finovate is an industry conference which features demos of innovative financial service and banking technology providers and their products. Held in New York City, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate and unique format
In related news, Harland Financial Solutions announced that LaserPro, its compliant lending and documentation solution, continues to experience record sales.
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Edited by Brooke Neuman