With the enhancement, the teller keys in the check serial number and dollar amount and receives an indication of whether the check has been issued by one of the 1,600 corporate customers already taking advantage of the service. The information keyed by the teller is matched to a check issue file transmitted to Wachovia by the corporate customer. Previously, checks were matched to the issue file data only during operational processing of checks.
"More than a half million fraudulent checks are passed each year in the United States. This enhancement provides an additional level of fraud protection for our corporate customers," said David Saporito, disbursing product line manager for Wachovia Treasury Services. "We believe that as Wachovia and other banks implement teller-match Positive Pay that it will serve as a significant fraud deterrent."
Typically, banks have borne much of the costs associated with fraudulent checks; however, a number of statutory changes and court rulings in recent years have imposed responsibility upon corporate customers when it has been determined that their failure to exercise ordinary care has contributed to the incidence of fraud.
"Companies increasingly are looking for tools to help them combat fraud and its potential to affect their operations," said Saporito. "Positive Pay is now an even better tool in that effort. We also have made it more convenient for customers to participate by extending the deadlines companies have for submitting their check issue data to the bank."
Wachovia is a recognized leader in providing treasury services for corporate customers. Wachovia received top marks in the 2000 Phoenix-Hecht Cash Management Monitor survey. Financial executives at companies with sales between $100 million and $500 million gave Wachovia the highest overall rating in the Phoenix-Hecht study with an average grade of "A," and executives at companies with sales of $500 million or more awarded Wachovia an "A+."
Wachovia Corporation, with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. As of Sept. 30, 2000, Wachovia had assets of $72 billion. Member companies offer consumer and commercial banking, bank card, asset and wealth management, capital markets and investment banking, brokerage and insurance services. Wachovia Bank, N.A. has nearly 700 offices and 1,400 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.
