The company that everyone knows for helping them make copies will now be helping them detect copies they don’t want – specifically, when they come in the form of duplicate cheques.
With the advent of electronic cheque-depositing technologies that many of us now have on our smartphones, the risk of someone trying to deposit a cheque twice has gone up quite a bit. A person could take a photo of a cheque with their smartphone camera and submit it through an app for deposit, then submit it again physically in hopes of receiving double the amount the cheque is paid out for.
Now Xerox is offering a new service that can identify and resolve duplicate payments before the funds are transferred. That saves the person that wrote the cheque from being unexpected debited for more than the amount written. It also saves the bank time and money by protecting against fraud losses and lengthy resolution procedures when a complaint is made.
Xerox is adding Conix Systems Inc.’s Dupe Detective solution to its own item processing portfolio to enable the new capability. According to Conix, the solution can detect duplicate payments in real-time from sources such as image exchange, mobile capture, wire, and traditional cheques. It’s integrated with other payment platforms as well, such as IBM’s Financial Transaction Manager.
Dupe Detective’s software uses image analytics to detect identical images and can filter out user errors where a cheque is presented twice to the same account.
