Wisconsin-based Wausau Financial Systems has added a new location awareness feature to its risk monitoring module of the Deposit 24/7 remote deposit capture (RDC) suite.
The new feature uses IP addresses to track transmission and capture locations of RDC deposits and enables banks to keep track of suspicious activity.
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If any deposits are made outside the transmitted location, the Wausau’s Deposit 24/7 Risk Monitoring alerts banks, which can review the transaction and take action.
Additionally, location awareness assigns risk ratings to each flag, prioritises transactions and provides banks with flagged location information.
WAUSAU Financial Systems solution manager, Jason Olson, said until now, financial institutions have struggled to accurately identify exactly where their RDC deposits were captured.
"Now, not only can financial institutions quickly identify where the deposit was made, but they can also provide this information to auditors in no time," Olson added.
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By GlobalDataThe new feature will be available in April 2014.
