Brentwood, Tennessee – (The Hosting News) – January 3, 2007 – Financial institution website design, web hosting, and technology solutions firm, Goldleaf Financial Solutions, Inc., has deployed its most recent release of WinGUARD, the newest addition to its comprehensive set of solutions.
Commerce Bank of Topeka, Kansas, recently rolled out the solution and, in its first few months of implementation, WinGUARD helped the bank eliminate more than $250,000 of suspect items at the teller line. According to officials at the bank, within weeks of deployment, WinGUARD had yielded real results, with the bank identifying and preventing fraudulent activities. To date, the bank estimates the volume of risk-related dollars identified to be close to ten times the cost of investment in WinGUARD.
As a front-end fraud prevention tool, WinGUARD enables financial institutions to record and verify transactions from all individuals regardless of whether they have an account at the institution. While many institutions have tools to authenticate the checks and other related documents, WinGUARD is unique in that it allows institutions to validate the actual person completing the transaction before the risk occurs. Institutions now can check both Ã¢â‚¬â€œ the actual financial documents and the customer Ã¢â‚¬â€œ to maximize fraud prevention and protect institutions from costly fraud-related losses.
Steve Huff, Senior Vice President with Commerce Bank remarked, ”WinGUARD is the only product on the market that offers the ability to verify non-account-holder transactions. WinGUARD gives us protection on three levels: it identifies individuals the bank considers as potentially risky persons; it recognizes checks identified on the FDIC special alerts list; and it spots fraudulent items. The results are real and the benefits are tangible. If an institution does not have WinGUARD, it is not offering the highest level of fraud prevention.”
WinGUARD is a real-time risk management solution. In addition, the product can be customized to accommodate the needs of individual institutions. Data, including driver’s license numbers, names, alias names, account numbers, check numbers, FDIC and OFAC alerts, all can be verified through WinGUARD. When the teller inputs the transaction data into the system, it is matched against WinGUARD data with any alerts popping up in the teller’s browser.
WinGUARD does not require a software installation, making it cost effective for institutions. The alerts run seamlessly to the teller in a browser-based display, while the database runs on a server. The server can be at the bank or housed at one of GoldleafÃ¢â‚¬â„¢s data centers.
Kjell Purnell, Senior Vice President with Goldleaf Financial Solutions added, ”WinGUARD is the most comprehensive real-time teller fraud prevention tool available to financial institutions. Institutions always have had a way to check the transaction items after the fact, but never the individual. Now, they can check identity names and possible aliases to detect criminal or negative banking activity. The WinGUARD Database is updated daily to keep banks current with FDIC and OFAC Data. Every bank that has seen this product has purchased it, which speaks to the huge need WinGUARD is filling in the industry.”
Goldleaf Financial Solutions, Inc. (GFSI) offers a fully-featured product suite that provides core data processing, item processing and check imaging, ACH origination and processing, remote check capture and deposit processing, accounts receivable financing solutions, a teller automation system, turn-key leasing solutions, financial institution website design and hosting and retail inventory management services. Goldleaf believes its suite of products and services allows financial institutions and small to medium-sized business customers to compete more effectively in today’s aggressive financial services marketplace, to grow trusted financial relationships and to enhance profitability through the efficient use of technology and an expanded community presence.
For more information about Goldleaf Financial Solutions, please visit: www.goldleaf.com.