You are processing more deposits from more sources coming from more customers…and this means more risk. Deposit sources now reach further than ever. Simply providing duplicate detection, MICR verification and per-deposit limits are no longer adequate to protect banks, especially where customers submit deposits from multiple locations or through multiple sources. Remote Deposit Capture and Mobile Remote Check Deposit are becoming popular channels of deposit and financial institutions must have a system in place to manage the risk associated. To protect banks and bank customers AQ2 has an innovative and automated solution to analyze deposit risk.
RiskXP is an advanced risk assessment solution that protects your bank from high risk deposit items.
RiskXP enables financial institutions to set rules that monitor and enforce limits on the number of daily deposits submitted by a depositor, size of deposit/item and number of items in a deposit. It scans all incoming items regardless of source, then quarantines items and files that may represent unusual deposit activity.
RiskXP enables financial institutions to set rules that monitor and enforce limits on the number of daily deposits submitted by a depositor, size of deposit/item and number of items in a deposit. It scans all incoming items regardless of source, then quarantines items and files that may represent unusual deposit activity. Mitigation rules are applied at four levels and deployed individually or grouped into profiles. There is workflow processing for exceptions. Monitoring can deliver operational, point in time, trend, and “what if “reporting. Rules and profiles address deposit velocity metrics and exception handling.
Benefits for Risk Mitigation
- FFIEC Compliant Risk Tool for X9 Files
- Expandable for RDC, M-RDC, Lockbox, ATM, Virtual Vault
- Comprehensive Analytical Rule Engine Driven, Including Database
- Fast Notification Process via Email of all Exceptions or Selectively
- Management Centric Reporting with Ability to Analyze Data by Dates, File, and Customer
- Technically Sound, VM Capable, Microsoft Tool Centric, Fast Install
See what our customers are saying:
“I think that, had we not put in RiskXP, we would have received a letter from our regulators telling us that we could not continue our remote deposit capture operations.” Large Southeastern Bank
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