Mechanics Bank of Richmond, Calif., has chosen fraud-protection product from VSoft Corp., the vendor announced May 18.
VSoft will deliver the product, a positive pay module, through its strategic partner, Advanced Software Design Corp. of Ontario, Canada. The module includes payee, traditional, reverse, and automated clearinghouse positive-pay services, and it will enable Mechanics to increase fee income and improve customer satisfaction through better security measures, VSoft said in a news release.
“Safety and security are top priority for Mechanics Bank,” Michelle Monaco, Mechanics vice president, said in the VSoft release. “Innovation has always played a key role in the bank’s growth, and VSoft provided the sophisticated security … required in today’s volatile marketplace.”
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 [module] 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.
