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Michael J. Abare, CCM Product Manager. AXIS™ Cash Management Reconciliation Services and Check Imaging. AXIS™ Cash Management Reconciliation Services and Check Imaging. The Costs of Check Fraud AXIS™ Cash Management, Reconciliation Services (ARP) Module Overview - PowerPoint PPT Presentation
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AXIS™ Cash Management Reconciliation Services and Check
Imaging
Michael J. Abare, CCM
Product Manager
AXIS™ Cash Management Reconciliation Services and Check Imaging
• The Costs of Check Fraud
• AXIS™ Cash Management, Reconciliation Services (ARP) Module Overview
• The Value of Check Imaging with the ARP Module
• Q & A
Why Reconciliation Services?
“Cut the losses”Check Fraud Statistics
Paper-checks still huge part of our payments system
Roughly 50 billion checks are processed each year
Check Fraud is the fastest growing crime affecting the nations financial system with the number to rise at an alarming rate.
Actual losses $650 to $700 million to Financial Institutions Costs business up to 15 billion a year Intangible costs
Lower employee moral Higher security and legal expenses Tarnished business reputation
$1.00 Fraud = $5.00 total losses
Reconciliation Services Module• Account Reconciliation automates the reconciliation of the
commercial customer’s check register.
• Commercial customer provides the list of issued checks – input or upload
• Items are compared against paid check information provided by the financial institution via the standard account history interface
• AXIS™ Cash Management compares outstanding checks with serial numbers, issue dates and dollar amounts
• These reconciled items are then listed in an online register where the commercial customer can search, sort, filter and download these items
Reconciliation Services Module• Reverse Positive Pay addresses fraud prevention by
• validating the checks paid by a financial institution
• automatically matching the items against customer-issued check records.
• detects counterfeit items including:
• items having duplicate serial numbers
• voided checks presented for payment
• checks with altered amounts.
• stale items presented for payment
• Items not matching a corresponding item in the register are flagged as exceptions and referred to the customer for a pay/no pay decision.
• Positive Pay a service used for fraud control. • The company transmits a file of issued checks to it’s financial
institution. Using an ARP processing system, the financial institution matches serial numbers and dollar amounts and pays only those checks that match and reports any exceptions
Who’s using it? AXIS™ Cash Management ARP module is suitable for:
• Any size financial institution (FI)
• FIs providing ARP services today
• FIs desire to introduce a new service without the costs of a DPV ARP processing system
• Value! FI may choose to purchase the ARP product to meet the needs of just one large customer
End-user Profile
• $100 million in revenue / sales
• Issues 1,000 checks a month
• Victim of fraudulent activity
Reconciliation Services ModuleAccount Reconciliation / Positive Pay (ARP Option I)
• Requires DPV ARP processing system
• File conduit
• True Positive Pay
• End-user issues and exception management
ARP Module Product Overview – Option 1
Database
Issue Entryand
File Upload
IssueFile*
Custom erP latform
FI-Adm in
AXIS Cash Managem ent
IssueFile
Download
ExceptionFile Upload &Managem ent
IssueFile*
ExceptionFile*
Custom er'sF inancialSoftware
M iddlewareTranslator(optional)
FI's ARPSystem
Enter Issues
ExceptionManagem ent
EnterDecisions Process
Decisions*
ExternalSystem
IssuesRegister
*Digital Insight proprietary file formats
ARP Module Product Overview – Option II
• DPV ARP System Independent!
• Digital Insight managed Account Reconciliation
• Digital Insight managed Reverse Positive Pay
• Enhanced exception management and communications
• Enhanced online register
• Check Imaging
• Check Search
• Sort / Filter
ARP Module Product Overview – Option II
Database
Issue Entryand
File Upload
IssuesFile*
Custom erP latform
FI-Adm in
AXIS Cash Managem ent
ExceptionManagem ent
Custom er'sFinancialSoftware
MiddlewareTranslator(Optional)
Enter Issues
ExceptionManagem ent
EnterDecisions
ProcessDecisions*
ExternalSystem
IssuesRegister
FI Host / DPV
*Digital Insight proprietary file formats
The Value of ARPTo the Commercial Customer
AXIS™ Cash Management ARP module provides one of the most effective methods available to protect against the financial loss associated with check fraud.
• Easily import new issues, voids, and cancellations
• Reduce fraud by ensuring that their records and the FI’s are synchronized
• Increased fraud protection by automatically detecting unauthorized checks
• Enhanced control over whether a discrepant check should be paid
The Value of ARP & Check Imaging
To the Commercial Customer – cont.
“Cut the paper Chase” Quickly manage exceptions by viewing an image of the
questionable check
- No Call to Financial Institution- No Waiting for research
Bridge the Information GapsCompanies with decentralized treasury operations can
now view images and make exception decisions corporate-wide
The Value of ARPTo the Financial Institution
• Expand current product offering
• Fee income
• Customer retention
• Leverage existing DPV ARP offering
• Offer robust ARP services independent of costly DPV ARP systems
Positive Pay FI 1 - FI Assets >$10B West RegionMonthly Base Charge - per account 100.00$ Issue Input - per file 10.00$ Issue Input - per transaction 0.06$ Exceptions Items - per transaction 0.20$
Positive Pay FI 2 - FI Assets >$500M Midwest RegionPlan Monthly Fee - per account 50.00$ First 1000 items -$ Each item over 1000 0.05$
Sample FI Account Reconciliation/Positive Pay Fee Schedule
The Value of ARP & Check Imaging
To the Financial Institution
“Cut the paper chase”
ARP with Check Imaging allows the financial institution to get out of the research
business….
Your making the images of the questionable check readily available to the customer…
Placing the control in their hands streamlines the process and improves productivity.
AXIS™ Cash Management Reconciliation Services and Check
Imaging
Q & A