MANCHESTER, Vt. /eNewsChannels/ — With FFIEC compliance in force, operating efficiency paramount, and fraud evolving rapidly, CONIX Systems, Inc. (CONIX) has enabled financial institutions and payment processors to aggregate payment anomalies in a shared SaaS database. Creating a shared national duplicate and fraud detection database is imperative in meeting the challenges of today’s increasing payment alternatives.
To that end, CONIX, a leading international provider of payment processing solutions to the financial services industry, has developed an integrated duplicate detection and fraud detection system that can be implemented as an in-house solution. This system also enables payment processors to provide hosted solutions to financial institutions.
“Inter-bank payment data sharing has been a common industry vision to police fraud for generations,” said CONIX CEO Mike Charles. “It was not so long ago that banks shared payment data via tapes or diskettes. We’ve simply taken a proven industry protocol for collaboration and updated it to the quintessential 21st century venue. Moving into a shared environment enables financial institutions to identify and resolve duplicate payments and fraud suspects across the payments industry in Day 1 prior to posting.”
Since launching its automated enterprise duplicate detection solution Dupe Detective(R) in 2005, CONIX has concentrated on helping financial institutions and payment processors adapt to the shift toward electronic payment types. In 2010, based on the challenges of its customers, CONIX launched Fraud Detective(R). Like Dupe Detective, Fraud Detective processes payments from all payment sources and channels, including image exchange, ACH, RDC, and Mobile Capture. In tandem, Dupe Detective and Fraud Detective enable Day 1 identification and disposition of duplicate payments, fraud suspects, and other critical anomalies in a common rules-based review process. Both products are designed to run in an ASP environment.
“CONIX provides the unique infrastructure needed for a national duplicate detection and fraud detection database serving the banking and payment processing industries. We have created Day 1 payment processing software and services for top-tier financial institutions and payment processors for more than two decades. We have developed and delivered server-based solutions to the industry that are unsurpassed in performance and quality because we keep our ear to the ground and value our customers’ input,” said CONIX Managing Director of Sales, Steve Fortson.
These integrated systems share CONIX Systems’ browser-based interface, providing authorized system access from anywhere. Through this interface, users can define and manage a bank’s business rules and filters, and review and decision suspects. Full audit and detailed reporting is also provided.
Enterprise duplicate and fraud detection enables the resolution of payment anomalies prior to posting and sending transit work for collection. The CONIX solution reduces a financial institution’s research and adjustments caseload, ensures that customer accounts are never affected, and supports loss prevention. A national database will effectively eliminate duplicate events in all inter-bank transactions, and provide an environment in which institutions can “connect the dots” on payment fraud schemes.
About CONIX Systems, Inc.:
CONIX Systems, Inc., (www.CONIX.com) is a world leader in providing payment processing software and related services to the financial services industry. The company’s products perform key processing tasks for tens of billions in payments each year. CONIX software and services are used by approximately 80 percent of the largest U.S. banks. Its comprehensive solutions are simple to use in production and simple to maintain, guaranteeing high quality performance at the lowest cost.
CONIX has a reputation for driving innovation with its products. Dupe Detective prevents the duplicate payments from all channels from posting to customer accounts. Fraud Detective accelerates exceptions processing into Day 1, significantly reducing fraud risk for institutions and their customers.
Founded in 1992, the company is headquartered in Manchester, Vt., with offices throughout the United States. For more information about CONIX Systems, Inc., and its products, call (877) 332-1858 or email sales@conix.com – or visit http://www.CONIX.com .
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