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Software to reduce fraud

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CIOL Bureau
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NEW DELHI: NCR Corporation has announced the release of ImageMarkT Deposit Review, a new software application designed to help financial institutions reduce exposure to risk while protecting customers address the issues by extending and enhancing current compliance and risk initiatives.

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ImageMarkT Deposit Review allows FIs to detect, isolate and evaluate "suspect" cheque deposits early in the cheque processing process – before posting or image exchange occurs.

This approach, the first-of-its-kind on the market, speeds up decision-making for items in question into the first day of processing, reducing fraud and adjustment costs.

"Financial institutions today need to be even more vigilant in their review of cheque deposits. ImageMark Deposit Review provides an early warning for suspect items before they become costly or risky transactions," said Navroze Dastur, general manager - South Asia, for NCR's Payment and Imaging Solutions group.

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Added Dastur, "ImageMark Deposit Review is another example of how NCR customers benefit from over 40 years of NCR expertise in the cheque-processing industry. Our track record of developing the most efficient workflow to streamline the acceptance and validation of cheque deposits is unmatched in the industry. This new product augments the workflow by increasing the accuracy of cheque processing and helping to reduce overall risk."

ImageMark Deposit Review is a flexible application that includes a browser-based review function. This new application can run parallel to NCR's ImageMark Transaction Manager for cheque-processing workflow, merging in before or after balancing without increasing the overall processing time.

Using advanced analytics, rules are programmed into the application to flag items such as deposits for new accounts, high-dollar values, high-risk customer profiles as well as the bank's own unique requirements. An FI can program different rules for various purposes or banking channels and update them quickly and easily to accommodate new regulations or new fraud types.

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Since the review function is thin client-based, it does not need to reside within operations or the FI, but can be placed wherever the expert reviewer resides. ImageMark Deposit Review can also provide images and data for the items in question to the bank's current risk and compliance systems, enhancing those systems and increasing controls while protecting the FI's investment in current systems.

This application also provides management and reporting capabilities to assist with the identification of trends and other important reporting and decision-making factors.

NCR provides complete implementation and support services to ensure a smooth integration of ImageMark Deposit Review into the FI's current processing environment.

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