Checks continue to be the payment method that fraudsters use most often to infiltrate organizations, according to the Association of Financial Professionals (2022 AFP® Payments Fraud and Control Report Comprehensive Findings). Enabling financial institutions and their customers to receive check information as quickly as possible may help identify and reduce fraud risk.
Now, financial institutions that receive their work in commingled cash letters can also take advantage of the FedPayments Reporter Service for Check Services. Read about three reports that will help your financial institution.
- The Check Advanced Notice Return Report provides your institution with advanced notice of the return items that it will receive in its electronic cash letter from the Federal Reserve Banks. This report enables your institution to assess the impact of a check return item earlier in the business day and therefore, can help mitigate the impact of check return items.
- The Check Advanced Notice Payor Report provides the paying institution with advanced notice of forward presentment items that will be delivered to it in an electronic cash letter sent by the Federal Reserve Banks. This report offers early awareness of large checks on the evening before they settle, benefiting both cash management and potential customer fraud mitigation.
- The Corporate Payor Report is a Reverse Positive Pay and Controlled Disbursement option that allows corporate customers to review check details the morning of presentment via a secured email push. A PDF of the check image offers organizations the opportunity to look for altered checks. Early delivery helps business customers to meet return time frames and corporate cash managers to make informed funding decisions.
For more information on available reporting options and how to sign up, please visit the FedPayments Reporter Service for Check Services page or contact your account executive.