Digital Check Image Carousel for Fraud Detection
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Solution Overview
Problem
Current treasury management systems for check transactions lack efficient methods for payers to visually inspect and manage multiple checks, leading to difficulties in identifying unauthorized checks and implementing check services, which are time-consuming and labor-intensive.
Innovation Solution
A digital check image shifting system that allows payers to view and manage multiple check images efficiently by generating digital images of paper checks, embedding approval and disapproval indicators, and displaying them in a carousel view, enabling payers to approve or reject checks digitally.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a drawee bank provides comprehensive check services to payers, then check processing efficiency and fraud detection improve, but the drawee bank cannot access all checks issued by a payer (e.g., checks from bill-pay vendors) until the payee deposits the check
Solution Approach 1:
The system performs preliminary action by capturing and storing digital images of checks at the bill-pay vendor before the payee deposits them. The drawee bank receives these pre-captured images and makes them available to the payer, enabling the bank to provide comprehensive check services (fraud detection, stop payment, etc.) before the check is deposited, thus resolving the information availability problem.
2Measurement precision
If a drawee bank visually inspects checks to provide services like stop payment or fraud detection, then service accuracy improves, but time and labor costs increase
Solution Approach 1:
The system uses digital copies (digital images) of checks instead of physical visual inspection by bank staff. The drawee bank receives digital images of checks from the bill-pay vendor and presents them to the payer for electronic review and decision-making. This eliminates the need for manual visual inspection while maintaining inspection accuracy, and significantly reduces time and labor costs.
3Ease of operation
If payers manually review and manage multiple checks, then control over check services improves, but the process becomes time-consuming and labor-intensive
Solution Approach 1:
The system replaces the mechanical manual review process with an electronic digital image viewing system. The drawee bank presents digital images of checks to the payer through an electronic interface, allowing the payer to review, approve, or reject checks electronically. This substitution of mechanical manual review with electronic processing maintains payer control while significantly reducing time and labor requirements.
Data Source
AI summary
Apparatus and methods are provided for viewing a check image and selecting a check service to be applied to a check. Check services may include a pay/return decision. The check images may be presented in a carousel view without pop-up windows. The user may import pre-selected check services such as stop payments. Check images may be marked with a status indicator. The status indicator may correspond to a check service applied to the check or a reconciliation error associated with the check. A user may receive notifications of pending expiration of an applied check service. The user may select and apply a check service at any time during a clearing process of the check. User may search for checks and check images based on the check service applied to the check. Search results may include check images and may be transmitted to a requested location such as via e-mail.