Ensenta, a developer of software for the financial industry, has received a patent for software designed to deter fraud in connection with check deposits.
The Redwood Shores, Calif., company said Wednesday the cloud-based software is designed to minimize the risk of fraud, whether people deposit checks remotely via a smartphone or through a branch or automated teller machine.
The software evaluates roughly 150 different aspects of checks, ranging from their number and shading to the location of the account they're drawn on, to ensure the check's authenticity, according to the company.
Ed Viera, Ensenta's chief executive, said in a press release that financial institutions and payment networks can use the software to minimize risks in deposits they accept via smartphones, the web or automated teller machines.
"Each channel carries its own set of risks and challenges, and our patented solution uniquely addresses these," Viera said in a press release.
Co-Op Financial Services, which provides transaction processing services for credit unions nationwide, runs the software in its mobile banking platform.
Ensenta holds two patents for software that performs financial transactions on a network.
Be the first to comment on this post using the section below.