Fiserv says its FraudGuard Secure Seal Positive Pay product is a technology that securely hides issue file data, such as payee name, account and check number, on the face of the check. During processing, information from the Secure Seal is compared with the check image to provide positive-pay verification.
The new offering is expected to give smaller financial institutions access to a service traditionally used by larger banks, according to Ted Umhoefer, senior vice president of market development for the Fiserv Item Processing Group.
The service is currently being deployed at Grand Bank in Dallas, Texas with a roll out in Fiserv’s 51 check processing facilities across the US planned for the near future.
