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Payment Chek® provides insights into the account status, type of account, account owner and risk scores to identify the potential risk of accepting the incoming payment. The solution analyzes daily transactions among both contributing and non-contributing organizations and delivers a comprehensive response, reflective of historical account activity (account status, returns, overdrafts, and ACH). All of which allows you to assess transactional risk with high scrutiny and precision.
All the capabilities you need to assess high-risk payments.
Enhanced tools:
ADVANCED ACCOUNT RESPONSES
Account status: Indicates the open, closed, or overdrawn status of the paying account as well as whether an item is drawn on a new account credit card, brokerage, or other type of account.
✓ Data provided:
Summary of reason codes
DUPLICATE AND COUNTERFEIT ITEM DETECTION
Helps detect possible counterfeit and duplicate items through stop payment matches and accounts with recent return activity, improving confidence and risk management of associated payments.
✓ Data provided:
Item-level response
MACHINE-LEARNING MODELS
Provides unparalleled visibility into the return risk associated with ACH and paper check transactions, as well as the historical status for transactions drawn on contributing and non-contributing accounts.
✓ Data provided:
Predictive score
ACCOUNT OWNER AUTHENTICATION
Provides confirmation that the inquiry account data matches to an account owner or account signer.
✓ Data provided:
Yes or No response
Understand risk where it occurs
Payment Chek® is the first and only resource to use timely, cross-industry account data contributed by a vast network of financial institutions (FIs) to help you mitigate the costly problem of check or ACH returns.
Payment Chek® use cases
SCREEN CREDIT CARD PAYMENT AND LOAN PAYMENT
ACCOUNT OWNER AUTHORIZATION
SCREEN OUTBOUND WIRE TRANSFER
SETUP PAYMENT SOURCE ACCOUNT
OUTBOUND DISBURSEMENTS
OUTBOUND WIRES
ACH
IMPROVE OPERATIONAL EFFICIENCY
Point of presentment screening and early potential return detection reduces the burden on your staff to collect on overdrawn accounts and work fraud cases.
IMPROVE THE CUSTOMER EXPERIENCE
Ensure a seamless and consistent customer transaction experience across channels.
REDUCE LOSSES DUE TO FRAUD
Reduce incoming non-sufficient funds returns and validate outbound wires while positively impacting your net income.
ENHANCED DATA MODELS
Embedded enhanced machine learning models better predict the likelihood if a check or ACH transaction will return within 30 days.
Discover More
A Guide to Know Your Customer Compliance
5 use cases for combating deposit and payment fraud in real-time
Detecting and Preventing Fraud with Data Analytics: A Consortium Approach
The Early Warning® Advantage
Leverage 30 years of experience to enhance your new accounting opening strategy, verify deposits and payments and make informed decisions.
Robust data
Early Warning is the Trusted Custodian® of the National Shared DatabaseSM Resource which contains a rich set of data, ensuring our information is always up-to-date.
Scalable technology
Grow at your own pace! Access our capability bundles through a simple API. Implement once – and quickly deploy additional capabilities in a snap.
Rich analytics
Our risk assessment algorithms incorporate comprehensive, cross-institution data sets, adding depth and perspective to insights.
Early Warning is the Trusted Custodian® of the National Shared DatabaseSM Resource – which contains a rich set of deposit performance data contributed by more than 2,500 financial institutions including banks like:
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