The FedPayments Reporter Service for Check offers reporting capabilities for checks processed by the Federal Reserve Banks. Available reports are delivered to the corporate recipient in encrypted emails sent by the Federal Reserve Banks in a Microsoft®Excel® (xlsx) format or in a PDF format that includes a black-and-white image of the front and back of each check.
When Domenic DiLegge, operators center manager at Itasca Bank & Trust Co. (Off-site), was struggling with an increase in check fraud at his financial institution, he turned to the Federal Reserve for help. His financial institution has benefitted from the Corporate Payor Report, which allows the bank’s corporate customers to review check details the morning of presentment via a secured email push. This reverse positive pay and controlled disbursement option allows institutions opportunities to look for altered checks. “We were seeing a heightened amount of check fraud, which increased my team’s responsibilities, until our Federal Reserve relationship manager suggested we sign up for the FedPayments Reporter Service for Check. To date, we have saved our customers and the bank at least $44,000. That would have been a significant loss for a bank of our size, and to individual customers.
“Since May 2022, we have added 15 customers to FedPayments Reporter for reverse positive pay. Our customers have really taken to this program. They love how easy it is to use and are grateful that they can simply let us know if a check in their reports isn’t theirs.”
Such advanced check reporting options can provide early access to information and help reduce risk of loss. Institutions can elect to have reports generate automatically on a pre-determined schedule to help their business customers meet return time frames and make informed decisions.
Customers need to submit the Check 21 Services Agreement: FedPayments Reporter (PDF) to activate the DFI and Corporate report. Corporate-level check report setup is completed through FedPayments Reporter Service for FedACH®.
Learn more about the various reports and benefits by viewing the Frequently Asked Questions page or the FedPayments Reporter Encrypted Delivery Overview (PDF).
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