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Thursday, November 30, 2006
(WAUSAU)
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Mosinee, WI – November 30, 2006 – WAUSAU, the industry leader in distributed payment and document processing, today announced that it has joined forces with Advanced Software Design Corporation (ASD), a leader in innovative fraud prevention solutions, to offer financial institutions an integrated, state-of-the-art Positive Pay solution, providing their corporate customers with image-survivable security features for an electronic image environment.
To assist financial institutions and their customers in their efforts to combat rising check fraud, the new partnership gives WAUSAU customers enhanced tools that offer speed, customization and responsiveness to increasing fraudulent activity.
According to recently revised Uniform Commercial Code (UCC) regulations, a financial institution’s business customers may have shared responsibility for fraud loss. Liability for losses resulting from a counterfeit or forged check is governed by Articles 3 and 4 of the UCC. When a paying bank pays a counterfeit or forged check, ordinarily it will bear the loss resulting from the payment. However, the UCC revisions have incorporated subtle and important changes in language and in definitions that can act to shift liability for check fraud back to the companies that initially wrote the check in question.
WAUSAU’s Positive Pay solution – SAND® – includes traditional Positive Pay, reverse Positive Pay, account reconciliation, SAND® barcode and SafeCheq™. This comprehensive and scalable solution set allows WAUSAU customers and their clients to select the level of fraud protection to meet their individual needs.
SAND® provides next-generation fraud protection for financial institutions and their corporate customers. With patented technology, SAND® provides the only solution with dual protection, utilizing Positive Pay and self-authenticated negotiable documents. This solution allows customers to print the checks with an image-survivable 2D Digital Signature. Thus, when the check is presented for payment, the barcode is decrypted and verified for payment both through the Positive Pay and SAND® solutions.
“SAND®, a secure suite of check fraud prevention solutions, provides our customers with a new level of fraud detection designed to generate revenue for financial institutions and prevent fraudulent activity,” said Nancy Langer, President - Enterprise Financial Solutions for WAUSAU. “This further enhances WAUSAU’s proven back office solutions that combine technology, knowledge and experience to provide our customers with flexible and scalable options to drive efficiencies, reduce risk and increase customer satisfaction.”
WAUSAU’s enterprise financial solutions offer the diversity of image capture at any point of entry, including corporate, branch, teller, lockbox and ATM. Its Transaction Center software includes state-of the-industry fraud protection, archive, lockbox, image quality and exception processing capabilities before the transaction is processed for electronic clearing.
“To combat both payee alteration and the loss of paper-based security features, checks created with SAND® contain an encrypted barcode that authenticates the negotiable information,” said Robin Fleck, WAUSAU Solution Manager - Back Office Solutions. “The code is computer-based on the issuer’s encryption keys and is printed on the item at the time the check is issued. This encrypted barcode is then decrypted when the check is presented for payment at the financial institution – providing better protection for both the financial institution and its commercial customers.”
“ASD’s patented solution implements a new paradigm that enables WAUSAU customers to verify on-us and transit checks, and take advantage of a patented SAND® solution, capable of validating retail checks, commercial checks and official items at multiple points of presentment,” said Calin Sandru, President, ASD.