CONIX Systems unveiled Cross-Bank Inquiry (CBI) product. CBI provides a practical and effective solution for cross-bank identification of duplicates and fraud prior to presentment.
The growing popularity of RDC and mobile deposit inherently increases the probability of duplicate and fraudulent payments being presented to different institutions for deposit. Due to item-clearing processing, funds availability policies, and return or adjustment guidelines, depositors can withdraw these funds before duplicate and fraudulent payments can be charged back to their accounts. CONIX’s CBI solution enables financial institutions and payment processors to inquire against each other’s duplicate and fraud systems to identify the suspects before presenting them to the owning bank for payment. The presenting institution then has the opportunity to prevent the withdrawal of funds based on the results of the inquiries.
CBI is a distributed database solution, where each financial institution maintains its own database and responds to payment validation inquiries from corresponding institutions.
In addition to batch processing of payment inquiries, CBI facilitates real-time inquiries from ATMs, teller, and other systems. CONIX also provides the CBI Switch technology for managing communication between participating institutions. CBI Switch accommodates communication with other CBI Switches and with participants who have duplicate and fraud solutions that are not provided by CONIX. This makes it possible for all financial institutions, check cashers, and payment processors to benefit from CBI.
For data, background and forecasts on CBI: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).