REDWOOD SHORES, Calif. Ensenta Corp., a CO-OP Financial Services partner, has been issued a U.S. Patent for risk mitigation software widely employed by credit unions via the CO-OP My Deposit check imaging suite.
Ensenta says its software helps protect credit unions from accepting fraudulent check images in remote deposit applications. The software evaluates the images based on 150 different qualities too dark, too light, check number location, etc. to ensure authenticity. The credit union member benefits by the fact that the checks they are depositing can be cleared in real time, the company said.
The Ensenta software is used in the CO-OP My Deposit remote deposit check imaging suite, which includes CO-OP My Deposit for individuals and small businesses, CO-OP My Deposit Mobile for mobile device usage and CO-OP My Deposit Branch for back office processing.
“The software allows financial institutions to use the Web to decision and manage funds availability on checks by creating and enforcing policies, which associate risk factors with severities,” said Ed Viera, CEO for Ensenta. “Financial institutions can target specific risk management policies for the ATM, Web and mobile channels. Each channel carries its own set of risks and challenges, and our patented solution uniquely addresses these.”
The patent, said Stan Hollen, CEO of CO-OP Financial and an Ensenta director, “affirms our business partner’s significant research and development efforts over the last 10 years, and the high quality of base technology available to credit unions through product providers such as CO-OP.”
Ensenta helped CO-OP Financial develop the Fast Branch shared service center and also has teamed on mobile deposits with mobile banking provider MShift.
