Groundbreaking check deposit process approves 99% of checks for instant availability with a loss guarantee
VALID Systems, a leader in account-based decisioning and real time machine learning models, announced the launch of InteliFUNDS, a new service that enables banks to transform their customers’ experience by making up to 99% of check deposits instantly available with no risk to the institution. Checks approved for instant availability that later return and cause a loss for the bank are covered by VALID Systems. By eliminating up to 95% of check deposit losses and generating tremendous customer value, InteliFUNDS drives multiple efficiencies throughout the deposit process.
Latest Fintech Interview: Global Fintech Interview with Lisa Loud, CEO & Co-founder at FLUIDEFI
“Check fraud had been on the rise through 2018 and 2019 until the pandemic offered a reprieve from the onslaught, but that was only temporary,” said VALID Systems Chief Strategy Officer Rodney Drake. “As government stimulus funds dried up, check fraud has come roaring back. By guaranteeing against losses caused by returned checks, InteliFUNDS enables banks to deliver on customer expectations of instant access to their check funds while providing the institution with powerful safeguards.”
Read More About Fintech Interview:Â Global Fintech Interview with Cristina Ceban, Founder at Women Do Crypto
Through InteliFUNDS, VALID is achieving nine-figure savings in annualized value for our largest clients with results that scale for most financial institutions. Value generation by InteliFUNDS includes:
- Higher customer satisfaction and improved net promoter scores
- Decreased charge-off losses and fraud
- Decreased customer complaints and call center volume
- Lower cost to serve and deposit migration
- Controllable losses and lower turnover of frontline employees and more
In today’s fast-paced world, banking customers demand instant access to their funds. With InteliFUNDS, banks can now provide their customers with the speed, convenience, and security they need to manage their finances more efficiently.
VALID Systems has been providing risk management solutions for some of the nation’s largest financial institutions and other financial service providers for 20 years. The company utilizes behavioral analytics within its supervised machine learning models to provide real-time risk decisions on financial transactions. Its flagship product, InteliFUNDS, enables financial institutions to eliminate risk associated with check deposits while providing their customers with instant access to funds
Browse The Complete Interview About Fintech :Â Global Fintech Interview with Lorien Gamaroff, CEO at Centbee
[To share your insights with us, please write to sghosh@martechseries.com]Â
