CONIX Systems, an international provider of payment processing solutions to the financial services industry, has been selected by San Francisco-based Bank of the West, to provide its Dupe Detective solution. The solution is designed to protect financial institutions and their customers’ accounts from double postings of payments and to reduce fraud.
Reportedly, the Dupe Detective solution eliminates duplicates across a statement cycle from any payment channel, including paper check, ACH, ARC, image cash letter processing, branch capture, and IRD printing. Dupe Detective also provides Bank of the West with the ability to guarantee that they will not send duplicate payments to their exchange partner banks.
The company has claimed that using CONIX Systems’ iCONIX infrastructure, Dupe Detective enables Bank of the West to eliminate duplicate payments in Day 1, before the duplicates pass through their capture systems and are posted to customer accounts. By stopping duplicates in Day 1, research and adjustment fees are significantly reduced and customer satisfaction is never impacted. This solution also eliminates duplicates in outgoing payment streams prior to sending them to correspondents.
Frank Stokes, president of technology group at CONIX Systems, said: “We’ve seen a marked increase in the number of duplicate payments as Branch Capture, Check 21, and ACH conversion strategies are implemented across the industry.”
“As the popularity of Check 21-enabled image exchange continues to grow in the financial services industry, duplicates simultaneously increase losses for banks, making detection and elimination of duplicates imperative. Through implementation of Dupe Detective, Bank of the West can enjoy the additional assurance that it will be able to capitalize on the benefits provided by Check 21 while upholding its reputation for excellent customer service,” he added.
