Positive Pay Management System
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PRODUCT OVERVIEW
Positive Pay Management System
Client: Standard Charted Bank
The Positive Pay Management System is a fraud prevention tool designed to enhance cheque verification processes. It allows corporate clients and financial institutions to pre-authorize cheque details before they are presented for payment. The system automatically cross-verifies cheque data (such as amount, cheque number, date, and payee) with the issuer’s registered information, minimizing the risk of forged or altered cheques being processed.
Client:
Standard Chartered Bank
Year:
2020
Category:
Banking Applications
Location:
Dhaka
ROI:
56%
Product Information
- Web-based system
- Create specifications to upload positive pay data from different sources
- Auto pull positive pay information from email
- Manually input cheque data
- Pull cheque information from MICR system
- Auto reconcile and generate fraud report
- Enquiry by different criteria
- The system will have a Desktop Agent/Windows Service for mail grabbing and a Web Interface for configuration, Management, logs and reports
- Customer information along with email address will be captured in the system
- The system will generate an encryption key for each customer email account
- The encryption key will be sent to a customer cell phone via SMS
- The system will automatically send the SMS
- A new encryption key will be generated and sent upon every successful receive of positive instruction
- The encryption key will comply with SCB Group Security Policy
- The system will automatically expire the encryption key on every 30 days
- The new encryption key will automatically be sent to the user via SMS upon expiry
- Customers will have to zip the positive pay notice file using the encryption key using WinZip, WinRAR or any standard zip (compression) tool
- The notice data will have to be emailed to the Item Processing designated email address
- An agent will run on the server which will fetch the notice data from the email
- The agent will decrypt the mail and will verify the content
- Unencrypted and wrongly formatted data will not be considered for uploading to Positive Pay System
- Customers will be notified via email and/or SMS in case of any wrong submission
- The agent will automatically update the Positive Pay database with a new notice
- The agent will automatically notify the concerned users and the customer with a summary email regarding the captured notices
- In case of failure, the system will generate a notification and notify the concerned users
