As a Financial Institution you are processing more deposits from more sources coming from more customers…and this means more risk. Deposit and ACH sources now reach further than ever. Simply providing duplicate detection, MICR verification and per-deposit limits are no longer adequate to protect FI’s, especially where customers submit deposits from multiple locations and multiple sources. Remote Deposit Capture and Mobile Remote Check Deposit have become popular channels of deposit and financial institutions must have a system in place to manage the increased risk THE SAME DAY. To protect financial institutions and their customers AQ2 Technologies has an innovative and automated solution to analyze deposit and ACH risk called RiskXP.
RiskXP enables financial institutions to set rules that monitor and enforce limits on the number of deposits, size of deposit and number of items in a deposit or ACH transaction. It scans all incoming items regardless of source of deposit, quarantines items and files that may represent unusual deposit or ACH activity.
Rules may be applied at four levels (Global, Source of Deposit/ACH Transaction, Customer and Account Level) and deployed individually or grouped into profiles. RiskXP has built in workflow processing for exceptions. Monitoring delivers operational, point in time, trend, and “what if” reporting. Rules and profiles address deposit velocity metrics and exception handling.
Benefits with RiskXP
- FFIEC Compliant Risk Tool for X9 and ACH Files
- Expandable for RDC, M-RDC, Lockbox, ATM, Virtual Vault
- Comprehensive Analytical Rule Engine Driven, Including Database
- Fast Notification Process via Email of all Exceptions or Selectively
- Management Centric Reporting with Ability to Analyze Data by Dates, File, and Customer
- Technically Sound, VM Capable, Microsoft Tool Centric, Fast Install
“I think that, had we not put in RiskXP, we would have received a letter from our regulators telling us that we could not continue our remote deposit capture operations.” Large Southeastern Bank