Fiserv Inc. of Brookfield, Wis., said its Fiserv Imagesoft unit is distributing software from Conix Systems Inc. of Manchester, Vt., to help banks guard against posting transactions multiple times.
The software, Dupe Detective, monitors payments systems — including check processing, ACH, and lockbox — and compares data on incoming transactions against a database to prevent duplicates from being posted to customers' accounts or being presented to paying banks for clearing.
The Check Clearing for the 21st Century Act, which lets banks use images rather than the original checks to clear payments, has raised the possibility that a single item could be presented for payment more than once — through the original check, images of it, or image replacement documents presented as substitute checks.
"Conix Systems' Dupe Detective solution comes at a time when it is most needed by the financial services industry, as the problem has been deeply exacerbated by Check 21," Ron Thompson, the president of Fiserv Imagesoft, said Monday in a press release announcing the deal.
Fiserv said Imagesoft's customers include hundreds of financial institutions worldwide.
