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Carreker
Corporation Press Release - March
10, 2004
CARREKER FORMS ALLIANCE WITH
ASD TO OFFER COUNTERFEIT/ALTERED
CHECK PROTECTION SOLUTION TO FINANCIAL
INSTITUTIONS OF ALL SIZES
Enhanced PNV solution to protect
both Positive Pay and Non-Positive
Pay corporate customers from
growing costs of check fraud
DALLAS, TEXAS (March 10, 2004) — Carreker
Corporation (Nasdaq: CANI), a leading
provider of technology and consulting
solutions for the financial industry,
announced that it has formed an alliance
with Advanced Software Design (ASD)
Corporation, a provider of electronic
check fraud prevention products to
offer an integrated solution that
enables financial institutions to
provide significantly enhanced counterfeit
and altered check detection capabilities
to their corporate and middle-market
business clients.
The new alliance brings together
two industry-proven products to serve
as a complementary technology on
a single platform. ASD’s Self
Authenticated Negotiable Documents
(SAND®) suite will be integrated
into the Carreker Payee Name Verification
(PNV) platform. Banks can either
enhance their existing Positive Pay
service or provide an entirely new
check authentication option, letting
customers print a tamper-proof encrypted
code on their checks, which authenticates
the check number, amount, and payee.
Carreker’s image-based PNV
solution enhances the bank’s
Positive Pay application by detecting
payee line alterations. Since only
a small percentage of financial institutions’ corporate
and middle-market customers take
advantage of Positive Pay services
because of expenses associated with
the submission and reconcilement
of a daily issues file, PNV now offers
an alternative to Positive Pay. SAND® will
enable a bank’s business clients
to issue checks with encryption key-based
authentication features that are
validated at the point of presentment
without the client submitting a daily
issues file to the bank. The security
features are automatically created
and printed when the check is issued
using widely accepted standard symbols
such as barcodes and human readable
text for interoperability.
“Middle markets and small-to-medium-sized
businesses, historically have been
reluctant to invest financial and
human resources, and sustain the
overhead traditionally involved in
a Positive Pay program,” said
Calin Sandru, president, ASD. “By
combining ASD’s industry-leading
SAND® encryption technology with
Carreker’s Payee Name Verification
solution we’re providing Carreker’s
bank clients with a platform that
is pivotal in addressing the fraud
protection needs of any of their
business clients, large or small.
For those clients that find it inconvenient
to generate daily issue files with
a Positive Pay solution, the combined
benefits of PNV with SAND® will
enable financial institutions to
offer a new product that not only
is easier to deploy, but has even
greater benefits than traditional
Positive Pay.”
“Until now, Positive Pay has
been the only weapon the industry
has had to combat counterfeit and
altered checks, but it does not identify
alteration of payee names, and it
has barely penetrated 10% of the
banks’ customer base,” said
Thomas G. Gordon, senior vice president,
Carreker’s Risk Solutions Group. “The
combination of PNV and SAND® efficiently
counters these areas of concern and
now provides banks’ business
customers of all sizes with the ability
to address all aspects of the counterfeit
and altered check problem, regardless
of whether or not their clients already
use Positive Pay.”
The SAND® offering takes advantage
of advanced key-based encryption
including Public Key Infrastructure
(PKI) and complies with Check 21
image requirements, providing a fraud
detection security feature that is
equally effective in an image replacement
document (IRD) or image exchange
environment. In addition, it increases
efficiency and reduces false positives
through complete automation of the
check review process.
“With ASD we are gaining an
alliance partner who shares our history
of leadership in introducing innovative
solutions to the marketplace,” said
J.D. (Denny) Carreker, chairman and
CEO, Carreker. “Our enhanced
solution creates new revenue streams
for financial institutions, regardless
of size, as they look to expand their
market share and offer this additional
fraud detection capability to a broader
customer base.”
About Carreker Corporation
Carreker Corporation improves earnings
for financial institutions around
the world. The Company’s
integrated consulting and software
solutions are designed to increase
clients’ revenues and reduce
their expenses, while improving
security and increasing the value
of their customer relationships.
Carreker provides products and
services to more than 250 clients
in the United States, Canada, the
United Kingdom, Ireland, continental
Europe, Australia, New Zealand,
South Africa, South America, Mexico,
and the Caribbean. Clients include
the full range of community, regional
and large banks, among them more
than 75 of the largest 100 banks
in the United States. Headquartered
in Dallas, Texas since 1978, Carreker
Corporation has offices in London
and Sydney. For more information,
visit www.carreker.com.
About Advanced Software Design
Corporation
Advanced Software Design (ASD) Corporation
is a Canadian-based software company
that specializes in check fraud prevention
solutions for the financial services
industry. The company offers anti-fraud
consulting to banks, credit unions
and corporate clients throughout
Canada and the United States. The
company also creates software that
enables financial institutions to
provide personalized checks, in-house
printing, and improved delivery and
turnaround time, while increasing
revenue generation. For more information,
visit www.asdc.com
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