TRANZCAPTURE

Catalyst Corporate is partnering with Advanced Fraud Solutions® (AFS) to offer credit unions real-time check fraud protection – called TrueChecks®. Integrated into Catalyst Corporate's TranzCapture suite of deposit services as well as ImageClear, TrueChecks provides comprehensive fraud detection across all channels. TrueChecks identifies potential bad checks, enabling credit union staff to accept, hold or deny items that have a reasonable doubt of collectability.

An effective check fraud prevention strategy should include robust, regularly updated data sources and focus on every point of presentment. Fraudsters consistently target the weakest point, making it essential for credit unions to enforce the same strategy across all deposit channels to reduce the risk exposure to losses. 

TrueChecks evaluates deposits across these channels by scanning check data against the TrueChecks database, which has more than 10 years of historical data from thousands of banks, credit unions, and processor sources. This database seamlessly integrates with Catalyst Corporate's TranzCapture suite of deposit services to offer real-time responses on duplicates (effective against double presentment ploys) counterfeits, non-sufficient funds (NSFs), and closed accounts, which helps reduce manual workload, manager intervention and check fraud losses.

Features & Benefits:

• Service can be enabled for any or all deposit channels from within TranZact
• Inclusive database. National, comprehensive database of negative information
• Software flexibility. Deployable to frontline or back-office staff in a variety of formats.
• User friendly. Easily deployable to any credit union.
• Improved process. Displays Reg CC-recommended action and associated risk.
• Advanced Fraud Solutions' TrueChecks Service and Early Warning's Deposit Chek^® Service are complementary and offer benefits when used together.
• TrueChecks is available integrated with Catalyst Corporate’s TranzCapture suite of deposit services as well as ImageClear, or through direct access to the Advanced Fraud Solutions portal

The Deposit Chek® Service from Early Warning® compares deposited items to financial institution-contributed data to identify high-risk deposits and return items. Alerts result in substantial cost savings by allowing credit unions to quickly identify fraudulent checks.

With the Batch Deposit Chek Service, credit unions receive advance notification of high-risk deposits and return items the next business morning.

Features & Benefits:

• Individual dollar thresholds can be set by deposit channel
• MICR lines from credit union deposited items are compared to a database that includes the account status of 95 percent of checking accounts nationwide.
• The service validates approximately 60 high risk, medium risk, and low risk warning codes to inform credit unions of the likelihood of a return.
• Examples of high-risk warnings are Closed Account, Stop Payment, Recent Return History, and Overdrawn Account.
• Credit unions using the Batch Deposit Chek Service receive Return Notification Reports that provide advance warning of actual return items.
• Approximately 30 return reasons explain why items are being returned. Examples include Insufficient Funds, Stop Payment, Endorsement Missing, Signature Missing, Counterfeit, Check Altered.
• Warnings received by credit union staff allow for timely placement of holds on member accounts.

The Early Warning name and Deposit Chek are registered and/or owned by Early Warning Services, LLC.

©2023 Early Warning Services, LLC. All Rights Reserved. Any use, copying, display, distribution, modification or reproduction of this work or the Early Warning trademarks without prior written permission of Early Warning is strictly prohibited. All trademarks referenced in this material are the property of their respective owners.

Credit unions that use outside sources for some or all of their deposit work can direct the deposit data and images to Catalyst Corporate’s TranzCapture Image Clear service for processing, clearing, collection and settlement. Image Clear supports the forward collection and electronic check image exchange of deposited items.

Features & Benefits:

• Real-time detection of duplicate items and batches
• Real-time and/or next-day Early Warning^® Deposit Chek^® fraud protection across all deposit channels (different thresholds can be set for each channel)
• Enhanced capabilities for managing items, data and reports
• Credit unions can send their deposits to Catalyst Corporate using the x9.37 or the x9.100 file format.
• In conjunction with Image Clear, Catalyst Corporate provides a secure copy service (SFTP) that allows credit unions or their vendors to place Image Clear files on Catalyst Corporate’s server.
• Image Clear can also be utilized in a shared branching network.

Catalyst Corporate’s Image Deposit Return Service provides convenient and timely access to deposit returns, with comprehensive reporting.

Features & Benefits:

• Credit unions receive an electronic file of chargebacks with links to check images.
• An option to redeposit items returned for insufficient funds is available.
• Return images are archived online for seven years.
• Deposit return reports are available online, including:
  • Chargeback and re-deposited items with MICR line, return reason and links to check images
  • Notification of Large Dollar Returns Report (from EARNS)
  • Deposit/return timeline that reflects each deposit return and number of days since the deposit was made
  • Catalyst Corporate member-to-member returns
  • Check maker and payee information, if desired
• Designated credit union contacts receive email notification when reports are available.
• Automated settlement occurs through the credit union's Catalyst Corporate account.
• IRD printers and supplies are available through a vendor of your choice or you can contact Rosetta Technologies at 800.937.4221, option 1.

To enhance the efficiency of Mobile Capture account management, new functionality was added that provides credit unions the ability to search for TranzCapture mobile users by user ID.

The Suppress CAR/LAR Mismatch Review feature gives credit unions the option of eliminating amount mismatch items from the Pending Approvals review queue for ITM transactions.