Mechanics Bank of Richmond, Calif., has chosen an anti-fraud product from VSoft Corp., the vendor announced Wednesday.
The product, a positive pay module, will be delivered through the vendor's strategic partner, Advanced Software Design Corp. of Ontario, Canada. The module includes payee, traditional, reverse, and automated clearing house positive pay services, and it will let Mechanics increase fee income and improve customer satisfaction through better security measures, VSoft said.
"Safety and security are top priority for Mechanics Bank," Michelle Monaco, vice president of Mechanics, said in a VSoft press release. "Innovation has always played a key role in the bank's growth, and VSoft provided the sophisticated security solutions required in today's volatile marketplace."
The SAND platform is designed to cut down on check counterfeits, forgeries and payee alterations. The module applies encryption technology, including a unique authentication code for every check. The encrypted information appears as a bar code printed on the check, which includes the payee's name, check amount, check number and transit information.
"The solution reduces risk exposure and losses, allowing Mechanics Bank to both protect customer information and provide exceptional, personalized service," Murthy Veeraghanta, chairman and managing director for VSoft, said in the release.
Calin Sandru, Advanced Software Design's president, said, "Our products are designed to provide efficient and accurate fraud detection and validation services, and in partnership with VSoft ensure the security of personal financial information."
