Deposit fraud items worth $500m detected in 5 months for a bank

The Client

U.S. Top 20 Retail/ Commercial Bank

Challenge

• Many high value fraudulent checks hitting the accounts every day
• Bank’s customers required all their items updated at the start of the business day
• Unable to meet turn times and deadlines due to frequent volume fluctuations

Solution

• Mismatch between truncated checks and items presented were transferred to a digital “interrogation” queue
• Account Reconciliation specialists researched suspected items and decided whether to pay or reject

Execution

• Dedicated team to perform reconciliation in Payee Positive Pay, Positive Pay and Stops; cross-trained others
  to manage volume spikes
• Created early morning shift with 3 hours turn time to meet start of the day deadline

Value Delivered

• Significant saving and increased customer satisfaction
  • $500 Million worth of items suspected in 5 months .
  • Improved customer satisfaction by Processing 100% volumes by start of the day