Next generation Positive Pay that requires no issue file and no file transmission
ChequeSeal: Image-survivable "secure seal" encrypts the check data into the barcode. It includes the payee name, check number, dollar amount, and issue date; it is like "on-board" Positive Pay. Upon presentment at the bank, ChequeSeal can be decrypted and verified to ensure the authenticity of the check.
A streamlined process for fraud detection
When a check is presented at a teller line or through your back office, our instant verification system goes into action. ChequePoint references the encrypted information for comparison, and determines the check’s authenticity before it is paid.
In the back office: When a check is deposited, the encrypted seal is read and automatically compared with the data on the check image. If there is a discrepancy, the suspect items are flagged and the check images and data are displayed within the ChequePoint exception summary.
The bank can then make pay/no-pay decisions, returning rejected items, thereby avoiding losses.
At the teller line: Using any check scanner, the teller simply scans the checks and ChequePoint gives an instant verification on the teller’s screen. Any discrepancies are displayed and an altered or forged check can be rejected before it is processed.
ChequePoint
Cheque Guard will implement the ChequePoint at the Bank's (or its preferred processor) Operations/Data Center. The verification process begins with ICVS™ scanning 200 dpi check images in X9.37 or .TIF files.
