Enables financial institutions to better mitigate risk, reduce manual review of deposited checks and improve user experience
Redwood Shores, Calif., Oct. 23, 2017- Ensenta, a provider of enterprise-wide, real-time SaaS solutions for mobile and online payments and deposits, has completed 100 Remote Deposit Capture (RDC) Risk Reviews for its financial institution customers.
Ensenta provides comprehensive, enterprise-wide annual RDC Risk Reviews as a service to help its financial institutions balance risk, efficiency and customer experience. The RDC Risk Review is an interactive engagement to assess the financial institution’s automated RDC risk settings by channel in comparison to historical and industry trends, as well as to address regulatory changes. Ensenta’s RDC Risk Reviews incorporate enterprise deposit analytics to assist financial institutions in meeting FFIEC mandates and better measure and monitor their RDC programs to prepare for regulatory audits.
Through these 100 RDC Risk Reviews, Ensenta has identified three common outcomes:
- Significant increases in daily deposit limits. After their first Risk Review, financial institutions become more comfortable with Ensenta’s risk algorithms and often experience a 10+ percent increase in transactions and a 25+ percent increase in dollars deposited.
- Accelerated funds availability for account holders in low-risk segments. Ensenta’s patented segmentation and hold tools allow financial institutions to speed-up or slowdown the depositor’s access to funds as appropriate.
- A reduction in the percentage of checks needing manual review. “Straight-through” processing is achieved by continually recalibrating Ensenta’s automated risk settings using Enterprise Management Analytics.
“Risk Reviews provide the documentation financial institutions need to understand risk and to enact defensible policies such as setting ‘soft-limit alerts’ rather than preventing high dollar deposits for low-risk users,” said Xan Kasprzak, vice president of risk management and client relations at Ensenta. “Our initial review often reveals 75 percent to 100 percent of the items are being reviewed while only 5 percent to 8 percent require adjustments or returns. Satisfaction comes when the financial institution get the same results through risk automation while reviewing half as many checks.”
“Our annual Ensenta RDC Risk Reviews enable us to respond to changes in the market and, through a collaborative engagement, fine-tune our risk mitigation settings and enhance the system through configurable risk factors,” said Satya Bhadriraju, manager of checking and payments processing at American Airlines Credit Union. “We are able to better identify fraudulent checks before they are processed by automatically reviewing the status of the account upon which the check was drawn. In the first 30 days following our initial RDC Risk Review, we prevented up to $20,000 in potential losses.”
To learn more about Ensenta’s comprehensive risk management platform and enterprise-wide RDC risk reviews, please visit www.ensenta.com/platform/risk-management.
Trusted by the U.S. Treasury and more than 1,100 financial institutions, Ensenta is a provider of innovative enterprise-wide SaaS solutions for mobile and online deposits and payments. Its Safer and Smarter™ real-time SaaS payment technologies, mitigate risk, minimize compliance exposure, increases back-office efficiencies, and improves funds availability. Ensenta’s products and services are distributed by leading mobile and online banking providers, core banking processors and networks and manufacturers. Ensenta received two XCelent awards for technology and functionality by Celent. For more information, visit Ensenta’s website at www.ensenta.com, or follow them on Twitter @Ensenta, LinkedIn, or Facebook.