Electronic and paper payment solution the TALL Group of Companies has formed a partnership with DIA Europe to boost its cheque fraud prevention services.
By working together, the TALL Group has designed UCN Plus, a new tool which can ensure counterfeit, forged and fraudulently altered cheques are automatically trapped and rejected wherever possible.
DIA Europe is the developer of the Kappa cheque fraud prevention platform, which helps banks to automate their anti-fraud processes.
The new solution will encrypt data such as payee name, amount, and date, within a QR code printed on all cheques issued by the TALL Group on behalf of its cheque bureau customers.
Once a recipient deposits a cheque, Kappa’s profiling and matching tool alerts the issuing bank of any mismatch and customers can complete reviews before they commit to paying and keep to the newly established two-day clearing cycle.
The two-day clearing cycle was set out as part of the Image Clearing System (ICS), which was launched in the UK last October.
Through the ICS, cheques are now digitised at the point of deposit and are no longer transported during the clearing process. The paper document has no legal value once imaged and the picture is transmitted into the infrastructure.
TALL Group managing director Martin Ruda said, “As an organisation committed to the safety, security and integrity of the cheque payments system, the collaboration with Kappa has enabled us to deliver a further and critical layer of fraud prevention to the UK’s corporate cheque users.
“The benefits of the new Image Clearing System will underpin the continuing effectiveness of the cheque as a payment tool, and the TALL Group will strive to ensure the UK payments systems stay one step ahead of the fraudster.”
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