CheckFree, a provider of financial electronic commerce services, has announced that TD Banknorth, a provider of banking and financial services, has selected the company to deliver a solution that will allow the bank to process its own official checks and integrate into its ARP/SMS check and deposit reconciliation system.
The new solution will assist TD Banknorth in ensuring the validity of official bank checks being cashed, the timely reconciliation of the accounts, and supplemental reporting for research and resolution purposes. It is designed to both enter and evaluate issues in a memo post status to ensure proper cashing of official bank checks.
The solution will provide tellers with information that will assist them in determining whether checks should or should not be paid, thereby reducing fraud and risk exposure at the teller line. In addition to fraud protection at the branches, the use of a memo post issue can help ensure that the balance of the official bank check account is not misstated or incorrectly funded prior to DDA posting.