Commerce Bank Implements AFS ImageVision Positive Pay with Payee Name Verification.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--March 31, 2004 Complementary Positive Pay Imaging Technology Reduces Check Fraud By Validating Payee The person who is to receive the stated amount of money on a check, bill, or note. payee n. the one named on a check or promissory note to receive payment. PAYEE. The person in whose favor a bill of exchange is made payable. Line Information Advanced Financial Solutions, Inc. (AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System ), a leading provider of image-based item processing solutions to the banking industry, and Orbograph, the leading provider of recognition solutions for the U.S. checking market, today announced that Commerce Bank, of Cherry Hill Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , N.J., has implemented the AFS Positive Pay with Payee Name Verification and the Orbograph Super Trinity software applications to enhance check fraud detection for the bank's treasury and cash management clients. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the latest American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and Deposit Account Fraud Survey, Positive Pay is the single most effective program for the prevention of check fraud. AFS Positive Pay with Payee Name Verification is designed to address "payee alteration" check fraud, and will save financial institutions and their commercial customers millions of dollars in potential fraud losses by adding crucial payee information to the checks issued file. AFS Positive Pay with Payee Name Verification arms financial institutions with another weapon in the battle against unauthorized disbursements and fraudulent checks. It can be initiated immediately after Inclearing, Proof-of-Deposit (POD), and traditional Positive Pay processes have been completed. Commerce Bank has integrated the Positive Pay with Payee Name Verification to their teller windows, to further mitigate check fraud at a crucial real-time checkpoint. Commerce Bank's tellers will compare not only the check amount and check number, but also the payee line information on the check against the payee information in the checks issued file to make quick and accurate processing decisions. Orbograph's Super Trinity leverages the most accurate recognition technology in the industry and provides the perfect complement to AFS Positive Pay with Payee Name Verification. Orbograph Super Trinity provides automatic location of the payee field and supports multiple line payees. In addition, Orbograph Super Trinity supports varying font sizes and layouts and detects misencoded items. "AFS Positive Pay with Payee Name Verification and Orbograph Super Trinity add an additional level of security and provide the most complete protection available," said Janet Roig, Commerce Bank VP and Director of Finance. "The powerful capabilities these solutions provide are critical to our treasury and cash management offering, and strengthens our commitment to reducing risk and eliminating check fraud." Added George Bunn, Commerce Bank Vice-President, "AFS Positive Pay with Payee Name Verification and Orbograph Super Trinity both increase the data validation In computer science, data validation is the process of ensuring that a program operates on clean, correct and useful data. It uses routines, often called validation rules, that check for correctness or meaningfulness of data that are input to the system. on our customer's business checks and significantly decreases any possibility of fraud due to payee line alterations." "AFS Positive Pay with Payee Name Verification is another example of how we are leveraging check imaging technology to help Commerce Bank better serve their many treasury and cash management customers," said Steve Winkler Winkler may refer to:
Commerce Bank provides its valued customers with the most sophisticated suite of image-based check fraud management tools available. In addition to Positive Pay with Payee Name Verification this suite of products includes AFS TellerVision, and AFS Fraud Filters. Through AFS TellerVision, branch tellers are presented with the on-screen on·screen or on-screen adj. & adv. 1. As shown on a movie, television, or display screen. 2. Within public view; in public. images and signature information needed to authenticate checks before they are accepted. Tellers review the image of the signature card on the screen next to the checks that require review. By having the tellers review the on-screen signature cards with the items as they come through the teller line, fraudulent checks are immediately identified and losses are prevented. AFS Fraud Filters are a unique set of transaction filters calibrated cal·i·brate tr.v. cal·i·brat·ed, cal·i·brat·ing, cal·i·brates 1. To check, adjust, or determine by comparison with a standard (the graduations of a quantitative measuring instrument): to catch several specific types of fraud on contact, across a diverse point of presentment network, including check fraud, ACH fraud, and ATM fraud. About Advanced Financial Solutions Founded in 1992, AFS has delivered high-quality image-based and conventional check processing solutions to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. AFS was one of the first companies to offer image and item processing technology based on the Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. NT operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . All AFS item imaging solutions are designed from the ground up with the functionality that banks and remittance processors need for operating in a high-capacity transaction-based environment. Headquartered in Oklahoma City, AFS maintains offices worldwide. About Commerce Bank Commerce Bank has assets exceeding $24 billion and nearly 300 branches serving metro New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, eastern Pennsylvania, and northern Delaware. Commerce is maintaining an aggressive expansion pace, working toward a total asset goal of $104 billion and a branch network of 700 offices by the year 2009. The bank plans to add 50 new locations throughout New York, New Jersey, eastern Pennsylvania and Delaware during 2004. For more information about Commerce, please visit the company's interactive financial service resource center at www.commerceonline.com. About Orbograph Orbograph (www.orbograph.com) is the leading developer and provider of recognition solutions for the U.S. check processing market. With solutions in use at more than 600 banks and financial institutions throughout North America, Orbograph delivers unprecedented levels of accuracy, performance, and power. OrboCAR Super Trinity with PowerLAR and OrboCAR Accura provide an underlying foundation to Orbograph's Image Quality Assurance (IQA IQA Institute of Quality Assurance (UK) IQA International Quilt Association IQA Internal Quality Audit IQA Independent Quality Assurance IQA Incoming Quality Audit ) suite, designed for implementation with Check 21 image exchange and IRD IRD Institut de Recherche pour le Développement (French) IRD Inland Revenue Department (New Zealand's tax revenue collection department) IRD Integrated Receiver Decoder processing. Additionally, OrboCAR APEX provides virtually 100% automation for check processing data entry tasks. |
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