This week the Cachet team travels to Denver for the official roll out of CheckRisk Pro™ at BAI Retail Delivery 2013. CheckRisk Pro is Cachet’s response to growing concerns banks and credit unions have about risks when remote deposit capture is added to the product mix. It was developed to streamline operations while supporting the security, control and flexibility needed to meet any FI’s unique risk mitigation needs.
RDC has been mixing things up in financial services lately. Consumers think it’s “cool.” Businesses like the cash flow efficiencies that are delivered using RDC. Banks and credit unions, meanwhile, are reporting ROIs and new revenue opportunities the likes of which the industry hasn’t seen in years. So why would any financial institution think twice about implementing RDC? Most commonly the answer is fear.
In fact, fear of fraud is the biggest barrier to RDC adoption today. It’s understandable. RDC, after all, is a new banking channel, and fraudsters are always on the lookout for new ways to rob banks. We’ve seen this already with duplicate presentments. Duplicates may be unique to RDC, however, they are not the only type of risk FIs face when accepting check deposits. Even if that were not the case, however, every FI has its own unique appetite for risk and that makes off-the-shelf risk solutions impractical.
At Cachet we’re committed to putting FIs in the driver’s seat when it comes to managing and mitigating RDC risks. We were first to market with a tool for monitoring check images in real time in 2011 with CheckReview. Now CheckRisk Pro takes fraud detection and prevention several steps forward by providing our clients with a customizable platform for monitoring and deciding how to treat deposits made through multiple channels.
CheckRisk Pro is a hosted solution that FIs can customize as an autonomous system with variable levels of manual intervention. This unique platform makes it possible for FIs to collect, process and make decisions based on client deposit information from multiple channels (such as ATMs, branches and mobile RDC), presented as either X9 or ACH files and regardless of which vendors/solutions support those channels. Applying custom rules and automated decisioning routines, CheckRisk Pro can evaluate the riskiness of each transaction before the transaction ever posts.
We don’t think there is anything quite like CheckRisk Pro available to FIs today, which is one reason why we’re excited to be introducing it at BAI Retail Delivery 2013, one of the banking industry’s premier technology conferences. With CheckRisk Pro, FIs set up their own rules and profiles – such as frequency and value of deposits, consumer versus commercial checks, exceptions handling – reporting requirements and triggers for manual intervention. CheckRisk Pro takes over from there: applying rules and variables (individually or grouped into profiles), tracking performance and streamlining exceptions handling. The system also tracks operational and performance metrics and generates custom reports and metrics that can help FIs keep better tabs on the performance of individual RDC programs.
There is no question that risk mitigation is a serious concern for banks and credit unions. It is also obvious that introducing a new channel, like RDC, can exasperate the situation. But it doesn’t have to be that way. CheckRisk Pro offers the security, control and flexibility FIs need to not only manage RDC programs but the entire deposit process.
So, if you’re at BAI Retail Delivery this week, please stop by the Cachet booth (# 6029) to learn more about CheckRisk Pro and our other RDC solutions. If you can’t make it to Denver, that’s okay. We’re more than happy to set up a convenient time to meet and demonstrate how CheckRisk Pro can help manage your FI’s risk appetite.