Enhanced Velocity & Check Verification Tools from AllTrust Networks Improve Check Cashing Risk Management

AllTrust Networks unveiled a new version of its check cashing software, Paycheck Secure, this week. The new release offers enhanced risk management features and a redesigned customer interface.

The new Maker Velocity tool, tracks, over a specific period of time, the number of checks received and the dollar amount of those checks within an individual store or chain on a particular check maker (or issuer of the check). Without velocity, check cashing retailers are vulnerable to fraud – low dollar checks may not seem like a problem if returned; but when multiple checks are accepted and added together; it can account for a significant amount.

Retailers can set thresholds by both "new" maker (one never cashed at their store) and "any" maker on a weekly basis. Parameters can be set based on the number of checks or the dollar value.

The enhanced Maker Research functionality allows retailers to verify account information prior to completing a check cashing transaction. The service combines a 12-month history from the nationwide AllTrust Network with multiple third-party databases, and gives retailers current, relevant account information on the check they are about to cash. Based on the returned data, retailers can make better informed decisions on whether to accept each check.

"This software release sets AllTrust apart and provides our clients a more robust check cashing solution" says Jon Dorsey, CEO of AllTrust Networks. "Velocity settings are a critical component of the check cashing business. Our new Maker Velocity, combined with existing Customer Velocity capabilities, provides our clients with a complete risk management tool."

The software also features a new transaction interface; which provides quick access to all transaction related data on one screen. Detail for the current transaction, customer and maker information, as well as any associated returned check information are readily available.

About AllTrust Networks
With more than five million registered consumers, AllTrust Networks (formerly BioPay Paycheck Secure) is the most widely used biometric financial transaction database and provides key risk analytics tools for walk-in financial services.

Paycheck Secure is a complete payroll and government check cashing solution designed to stop fraud and speed check cashing transactions. The system is used in thousands of retail locations across 46 states. Paycheck Secure is the only solution to use biometrics for identification (as opposed to verification), enabling a nationwide risk database. With a proven record of preventing losses, the product offers retailers and banks full MSB compliance features as well as embedded Check 21 processing.

For more information on AllTrust Networks, visit www.alltrustnetworks.com, or our industry blog at www.unbankedtrends.com