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CDS Global Introduces Duplicate Payment DetectionSubmitted by epayments on June 15, 2008 - 4:43pm.DES MOINES, Iowa--(www.AllPayNews.com)--Extending its over 15 years of leadership in image-based payments automation services, CDS Global today announced the successful deployment of a proprietary solution to prevent both double postings of payments to lockbox accounts and sending duplicate payments to depository institutions. Following a 60-day pilot program, CDS Global uses the new solution enterprise-wide for all of its lockbox processing accounts. As the financial services industry migrates from paper-based to electronic clearing, duplicate payments and postings pose a serious risk for billers and banks alike, in terms of significantly higher back-office costs for research, adjustments and correction, increased fraud losses, customer dissatisfaction, and the potential loss of customer accounts. Duplicate payments also undermine an organization’s image as a secure repository of customer information. Industry-wide, the volume of duplicate payments and postings is expected to rise as banks and billers increase their use of image exchange, remote deposit capture and ACH initiatives. “Duplicate detection is a critical issue for the financial services industry. While electronic clearing offers billers and their banks new efficiencies and cost savings, it also creates an operational hitch that can threaten an organization’s bottom line and impact its customer relationships,” says Craig Bjork, director, account and business development, Data Capture Services, for CDS Global. “Duplicate payments detection continues CDS Global’s long commitment to data capture innovations that solve business problems for our customers.” By resolving duplicates before deposit, CDS Global doesn’t impact or involve its clients. The process also does not add any operations overhead or delay the timeliness of deposits. “Eliminating duplicate payments and reducing the costs of research, adjustments and correction are among the greatest challenges facing banks and billers as they transition to the electronic clearing,” said Corey Prideaux, systems manager, operations development, at CDS Global. “At a time when Check 21 and ACH are offering new levels of check clearing efficiency, duplicate payments pose serious operational, legal and customer service risks.” About CDS Global CDS Global is a technology-driven company that provides customer relationship management solutions to the world’s leading publishers, direct marketing firms, financial institutions and corporate billers of all sizes who continue to build their businesses using our wide range of direct-to-consumer and business-to-business solutions. The company is able to provide cost-effective and complex services to its clients due to its large volume of business with subscription, product and Internet fulfillment, direct marketing and statistical services, and contribution/lockbox processing. CDS Global has a strong offering with an ongoing commitment to the digital future, extensive audience development experience and a full line of services. CDS Global is headquartered in Des Moines, Iowa, with facilities in Arizona, New York, Pennsylvania, Australia, Canada and the United Kingdom. Learn more at www.cds-global.com. Contacts »
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