First National Bank has awarded the AST Group an integrated image-based cheque solution contract, which will increase productivity, speed of processing and ultimately customer service. The contract is valued in excess of R40 million.
The solution comprises of products from Advanced Financial Solutions (AFS), a leading provider of image-based check processing solutions and Softpro, a leading vendor of systems for the verification of handwritten signatures.
"Check fraud is among the fastest-growing problems affecting financial institutions world-wide," explains Dawn Hollingworth of the AST Group. "With the rising incidence of identify theft and high-tech forgery, a significant portion of the overall loss occurs in personal accounts."
"The solution provided by AST will protect First National Bank and their customers with the technology tools and vital information needed to stop most cheque frauds before they become losses," adds Hollingworth.
The CEO of FNB Banking Operations, Leonie Van Tonder, says that the implementation of the new systems has required an entire revision of the processes in use at Banking Operations. The Bank has adopted innovative new strategies in this arena, and has completely revamped the infrastructure and systems to enable the required increases in productivity, and curtailment of fraud, to be achieved.
First National Bank processes large volumes of cheques daily. These volumes require a comprehensive, image-based approach to check fraud detection. With AFS` ImageVision, a suite of item capture and processing software products designed to deliver optimum performance and accuracy, First National Bank`s item and check processing department will increase productivity. This will also result in less expense and greater profitability.
SoftPro`s SignCheck automates the verification of signatures and signing rules on paper-based transactions. Only Automatic Signature Verification with SignCheck is able to compare the signature image and traces from the generation of a signature. SignCheck reflects on the different expressions of the signature characteristics, as every single signature is something unique.
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