Primary Payment Systems, Inc. announced that Citibank has expanded its relationship with PPS to deploy DEPOSIT CHEK in Citibank’s U.S. retail banking markets. DEPOSIT CHEK is an advanced risk management tool that provides electronic notification of account status and potential check returns via online and batch inquiries. Most of the top 20 largest financial institutions in the U.S. use DEPOSIT CHEK to reduce the losses that result from returned deposited items.
The service expansion at Citibank, which has been a Primary Payment Systems client since 1997, will be completed during the second half of 2002. “By identifying bad checks in advance we can improve customer service to all Citibank depositors,” said Tom Connaughton, Managing Director, Risk Management, Citibank.
DEPOSIT CHEK clients have access to nationally shared information on stop payments, return items and over 184 million deposit accounts. Citibank’s participation will help other participating financial institutions reduce their exposure to losses associated with return-items.
“We’re glad that Citibank has chosen to expand its relationship with PPS, and to benefit from the increased efficiencies, productivity boosts and reductions in operating losses that DEPOSIT CHEK can deliver,” said Larry Spooner, PPS president. “Current participants tell us that they have experienced a substantial return on their investment when they use DEPOSIT CHEK consistently, and we are looking forward to working with Citibank to achieve similar favorable results. We believe our participants, especially financial institutions with a large Northeast presence, will benefit greatly from Citibank’s expanded participation.”
Primary Payment Systems, Inc. (PPS) provides risk management services to various industries through its suite of Early Warning solutions. Utilizing a common platform, maintained and safeguarded by PPS, these industries contribute and share information to detect high-risk and fraudulent individuals as well as payment transactions. PPS is a majority-owned subsidiary of Concord EFS, Inc.