Payee Name Verification (PNV)

OFFER MAXIMUM PROTECTION TO YOUR CORPORATE CUSTOMERS

Positive pay services have been so successful in identifying counterfeit and altered checks at the time of presentment that most banks now offer them to their corporate customers. However, only about 10 percent of businesses can justify the expense of positive pay, leaving a majority of companies without this important line of fraud defense.

Payee Name Verification (PNV) is an image-enabled solution that offers advanced fraud detection to all of your corporate customers and reduces losses from checks that bypass the positive pay system. For checks issued by positive pay customers, PNV enhances the positive pay service by detecting payee line alterations. For businesses that do not wish to present a check issue file to the bank, PNV offers the option of SAND® technology from Advanced Software Design Corporation (ASD). SAND replaces the issue file with a tamper-proof encrypted code printed on the check, which secures all negotiable information and eliminates the need for uploading the check issue file. The encrypted code allows banks to immediately prove authenticity at the point of presentment. Most importantly, the SAND solution is economical and easily deployed by any size business and bank.

In addition, PNV uses the most advanced character recognition technology available to compare the payee line on check images to the payee name contained in the customerxs check issue file or the encrypted SAND code.

BENEFITS

• Enhances traditional positive pay, protecting the drawee bank, bank of first deposit and merchants
• Provides a competitive advantage that appeals to all businesses, large and small
• Can increase revenue through a new product offering
• Provides a fraud detection method that is equally effective in an IRD or image exchange environment
• Offers character recognition technology that is second to none
• Quickly pays for itself by catching fraudulent checks before payment
• Delivers an exclusively software-based solution that is easy to implement
• Increases efficiency and reduces false positives through complete automation of the check review process
  

For more information about this solution, download the brochure (PDF, top right). You can also contact Doug Halvorsen at 704.602.5335 or complete our Information Request Form.