The Fiserv VISION business unit of Fiserv, Inc. has successfully completed the migration of its more than 250 financial institution clients to the Unisys ClearPath Libra Enterprise Serve. The company said the move was made as part of a broader strategy to offer a more dynamic core banking system. Fiserv VISION previously had operated its core processing system on the Unisys V-Series.
"The Unisys ClearPath is recognized as a leading enterprise server with the ability to operate multiple virtual servers on one platform with multiple operating systems," the company said. "The combination of operating system flexibility, transaction processing power and capacity-on-demand made the ClearPath the right choice for Fiserv VISION."
Fiserv VISION is developing a browser-based system that will offer to financial institutions scalability, the ability to integrate any product into the system, dynamic look and feel, easier distribution for software upgrades and increased security.
Separately, Fiserv, has launched the FraudGuard check fraud detection suite, a family of integrated applications designed to automate the fraud detection process and more effectively combat potential check fraud, the company said.
FraudGuard is an integrated suite of individual applications used for specific check fraud detection processes, such as positive pay, signature verification and exceptions processing. Using a common platform, the system automates check fraud detection by using digital interrogation technology to verify the authenticity of all fields on captured check images, ensuring that no alterations, counterfeits or signature forgeries go unnoticed.
"With actual and attempted losses to U.S. banks estimated to exceed several billion dollars per year, check fraud is a significant problem facing the financial services industry," Fiserv said. "FraudGuard automates many of the labor-intensive processes associated with manual check fraud detection, so financial institutions may now review more checks with fewer resources while improving the overall accuracy and reliability of the results."
FraudGuard, developed by the Imagesoft Technologies unit of Fiserv, is available both as an outsourced or in-house solution. The process is simple. Check images are captured and presented to the FraudGuard system for review. As check fields are analyzed, any discrepancy in payee, date, amount, magnetic character (MICR) or signature will be noted and marked as an exception. The financial institution's alert system will then be activated, receiving each exception for decisions. The FraudGuard product suite includes four integrated applications:
* FraudGuard Positive PayPLUS, which detects counterfeit and altered checks.
* FraudGuard Positive PayPLUS with Secure Seal, which provides an alternative type of positive pay system by sending the issue file information embedded on the check.
* FraudGuard Digital Signature Verification, which automatically detects forged or missing signatures.
* FraudGuard Decision Support, which is fully integrated with all other FraudGuard applications and enables online viewing of exceptions generated by other FraudGuard applications for "pay/no pay" decisioning.
For info: www.fiserv.com.