CHEXAR announces its patent pending National Duplicate Check Database called DUPEX
SCHEDULED FOR LAUNCH IN EARLY 2012 DUPEX WILL HELP BANKS AND CHECK CASHERS AVOID THE GROWING ISSUE OF CHECKS DEPOSITED ON MOBILE AND THEN AGAIN AT BRICK & MORTAR
Atlanta, Georgia, December 20, 2011 – Chexar Networks Inc. (“CHEXAR®”), announced today that it is launching a new service that will allow industry partners such as banks, check cashers, mobile wallet and prepaid providers, to better control the risks of either cashing a check, or accepting a check for deposit, that has already been accepted by another provider. The one of a kind patent pending service will give industry participants an advance warning of activity on a check prior to their making the decision to accept a check, including information about inquiries on the check prior to the first deposit.
With the rising proliferation of remote deposit capture solutions in the market, millions of checks are being accepted for deposit but remaining in the possession of the depositor. Subsequently, either intentionally or innocently, the same check can be submitted for deposit one or more additional times resulting in duplicate check deposits that ultimately result in losses to the industry. The Federal Reserve Bank clearing process, where most checks are originally deposited, does not check for duplicate checks. Often the duplicate checks are not detected until they reach the bank on which the checks are written which results in multiple returned checks.
Drew W. Edwards, Chexar Founder and CEO commented that “the genesis for this Chexar solution was in our core risk management expertise where we manage the front line fraud risk for our clients all across the nation that are either cashing checks, loading checks onto prepaid cards, or depositing checks into traditional accounts. We know first hand that if your risk management solutions rely upon post deposit data, it is too late to make the correct decisions and control losses. Clients on our core decision solutions don’t have to worry about this risk because we are managing those decisions for them. However, Dupex is designed for those other clients that run their own risk management solutions and gives them an advanced warning of prior activity on a check before they make their decisions.”
Chexar is now enrolling its current channel partners and plans to open enrollment to the market in January 2012. The service will be offered at a price point that will allow the broad market to ping Dupex on all checks before they are accepted at any endpoint. Endpoints would include brick and mortar check cashers, bank teller lines, ATM machines, and mobile banking applications. Clients will access the solution through a variety of interfaces including a web based portal and full integrations with mobile application providers, banking platforms, and industry point of sale solutions.
“Dupex is scheduled to be active late in the first quarter at the same time Chexar is rolling out significant clients on mobile deposit capture solutions.” Edwards went on to say, “Chexar is the leader in guaranteeing checks on mobile devices and we believe that the significant deployment of mobile solutions in the market increases the risks of duplicate deposits. Our content is focused on the underbanked consumer segments where the risk of duplicate deposits is even higher which is one reason we are uniquely positioned to control this risk for the market.”
About Chexar
CHEXAR® is the national leader for technology and solutions that enable clients to cash, deposit or load any check with immediate funds availability. Chexar’s solutions provide clients with the ability to truly serve the nation’s under-banked population now estimated to be almost 100 million people. The gating factor for these consumers is their need to change all types of checks into cash or value before they can acquire other services including bill pay, money transfers, or prepaid cards.
Chexar’s solutions enable any business to convert ANY type and ANY size of check to cash or to immediate credit onto Prepaid Cards or as fee-based deposits into bank accounts. The company’s one-of-a-kind solutions combine multiple national databases, rules engines, and proprietary technology with redundant 24/7 risk management centers to achieve the industry’s highest automated and overall approval rates on any check. Chexar’s solutions are deployed across multiple platforms including turnkey point of sale solutions, assisted and self-service kiosk solutions, mobile devices, and full XML integrations. For more information, please visit www.chexar.com.
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Download the full press release here
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