09/15/03 -- IPS OF BOSTON RELOCATES HEADQUARTERS TO ACCOMMODATE GROWTH
More...

02/05/03 -- IPS OF BOSTON LAUNCHES ACH.com AS A RESOURCE FOR ELECRTRONIC PAYMENT INFORMATION AND SOLUTIONS
More...

11/04/02 -- FLEETBOSTON FINANCIAL SIGNS AGREEMENT WITH IPS OF BOSTON
More...

09/26/02 -- IPS OF BOSTON'S DOUBLECHECK™ VERSION 3.0 HELPS SMALL AND MIDSIZE COMPANIES IMPLEMENT BANK POSITIVE PAY SERVICES
More...

04/24/02 -- WELLS FARGO PARTNERS WITH IPS OF BOSTON TO COMBAT CHECK FRAUD
More...

04/01/02 -- WACHOVIA CORPORATION SIGNS REFERRAL AGREEMENT WITH IPS OF BOSTON
More...

02/05/02 -- LA SALLE BANK AND STANDARD FEDERAL BANK PARENT COMPANY ENTERS INTO REFERRAL AGREEMENT WITH IPS OF BOSTON.
More...

01/09/02 -- REGIONS FINANCIAL CORPORATION SIGNS REFERRAL AGREEMENT WITH IPS OF BOSTON.
More...

12/03/01 --  IPS OF BOSTON SIGNS AGREEMENT WITH FINANCIAL INDUSTRY LEADER PNC BANK.
More... 

11/05/01 -- IPS OF BOSTON LAUNCHES NEW AND IMPROVED WEB SITES FOR EASY ONLINE ORDERING AND DATA ACCESS.
More...

07/10/00 -- IPS of Boston Completes Successful Pilot of Positive
Pay software with Bank of America
More...

05/22/00 -- DATA GENERAL FOUNDER NAMED TO BOARD OF
ADVISORS AT IPS.
More...

05/17/00 -- IPS OF BOSTON SIGNS CONTRACT WITH PAYROLL
GIANT ADP
More...

05/08/00 -- New "DoubleCheck"™ From IPS of Boston
More...

01/25/00 -- 1999 TMA Conference Highlights Innovations In
Treasury Management.
More...

12/02/99 -- World's largest Payroll Association appoints IPS of
Boston to Advisory Council.
More...

08/23/99 -- IPS of Boston Named Referral Partner by
Infinium.
More...

06/01/99 -- IPS of Boston Renews Relationship With Hewlett
Packard
More...

02/08/1999 -- FlexiInternational names IPS of Boston a Flexi
Product Partner.
More...

11/18/1998 -- MICR Systems Provide Secure, Centralized Payment
Control - article written by Geoffrey O. Kent, Chief Financial Officer
IPS of Boston - as seen at The Information Systems Audit and
Control Association & Foundation web site
More...

11/01/1998 -- November issue of Disburse magazine - article
written by Gary L. McNamee, President IPS of Boston
More...

02/16/1998 -- IPS of Boston and Software Plus Announce Joint
Marketing Agreement
More...

01/15/1998 -- SQL Financials and IPS of Boston join forces to help
reduce check fraud.
More...

09/17/1997 -- IPS of Boston Appoints Geoffrey O. Kent as Chief
Financial Officer
More...

03/24/1997 -- UARCO teams up with IPS to market complete
disbursement and payment processing solution.
More...

01/15/1997 -- IPS of Boston introduces advanced functionality
software to its product line allowing for the generation of
electronic payments.
More...

12/01/95 -- IPS of Boston Appoints Frank Bryant Vice President
of Corporate Development
More...

 

 

 

 

 

For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000
Facsimile (508) 230-7066

FOR IMMEDIATE RELEASE

IPS OF BOSTON RELOCATES HEADQUARTERS TO ACCOMMODATE GROWTH

Additional Space Will Be Used To Support Its Growing List Of Banking Partners

South Easton, Mass. September 15, 2003 -- IPS of Boston, a leading developer of Corporate Payment and Check Fraud Avoidance software today announced it has relocated its offices to South Easton, Mass. Located 30 minutes South of Boston, the expanded offices will accommodate additional technical and marketing support staff for IPS' banking partners who recommend IPS software for the implementation of the bank's products and services. "We're excited about the growth of this sector of our business," stated Gary McNamee, IPS president and founder. "This move should yield immediate benefits to our partners as it relates to response time and also ensure swift future ongoing support." IPS new address is 19 Norfolk Avenue, South Easton, Mass. 02375. Correspondence can be sent to P.O. Box 1000, South Easton, Mass. 02375


About IPS of Boston

IPS of Boston is a growing leader in payment transaction and check fraud avoidance software. IPS payment solutions conform to the strict guidelines of ANSI (American National Standard Institute), the ABA (American Bankers Association) and ISO (International Standards Organization). Company and product information may be obtained by calling (508) 230-7000 or by accessing either of their web sites www.ACH.com or www.ipsofboston.com.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000
tmiller@ipsboston.com

FOR IMMEDIATE RELEASE

IPS OF BOSTON LAUNCHES ACH.com AS A RESOURCE FOR ELECRTRONIC PAYMENT INFORMATION AND SOLUTIONS

Website To Provide Information On ACH, Electronic Payments, Industry Associations, Related Products and Services

BRAINTREE, Mass. February 5, 2003 -- IPS of Boston, a leading developer of corporate payment software products and services today announced it has launched a new website for information about Automated Clearing House (ACH) payments and related solutions.

"We are very excited about the launch of ACH.com," stated Gary McNamee, IPS CEO and founder. "We hope it will be an effective and powerful resource for companies interested in electronic payments."

IPS will be adding information, news and related links to www.ACH.com in the coming months.


About IPS of Boston

IPS of Boston is a growing leader in payment transaction and check fraud avoidance software. IPS payment solutions conform to the strict guidelines of ANSI (American National Standard Institute), the ABA (American Bankers Association) and ISO (International Standards Organization). Company and product information may be obtained by calling (508) 230-7000 or by accessing their web site www.ACH.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 203-7000
tmiller@ipsboston.com

FOR IMMEDIATE RELEASE

FLEETBOSTON FINANCIAL SIGNS AGREEMENT WITH IPS OF BOSTON

IPS DOUBLECHECK™ Software Will Be Recommended To Streamline The Implementation Of Fleet's Positive Pay Service.

BOSTON, Mass. November 4, 2002 -- IPS of Boston, a leading developer of Corporate Payment and Check Fraud Avoidance Software today announced it has signed an agreement to license its DoubleCheck Software solution to FleetBoston Financial's corporate clients. In addition to offering a discounted license fee, IPS will also provide free setup support to corporate clients referred by Fleet.

DoubleCheck is a software product that will help corporations create an electronic "bridge" enabling communication of check files to their bank for matching purposes. Once the bank receives the file; checks are matched to that file as they are being presented for payment. If there are any irregularities with the checks being presented for payment such as counterfeit, duplicate or altered checks, the corporation is notified of the possible fraudulent document to determine how it should be handled. The process significantly reduces the exposure for fraudulent checks for the corporate client as well as for the bank.

"We are always on the lookout for products and services that will address our corporate customers needs" stated Cheryl Gould, Vice President and Senior Product Manager of Cash Management for Fleet Global Services. "We believe the DoubleCheck Software from IPS of Boston will compliment our positive pay services especially for our small and mid-market customers."

Positive Pay is an industry term for the check matching service that many banks have offered for years as a means of reconciling accounts and reducing exposure to fraud. The problem has been providing a simple and effective approach for clients to create and transmit their check files. DoubleCheck will address this problem.

"We are very excited to have the chance to partner with Fleet Global Services," stated Gary McNamee, IPS president and founder. "Given Fleet's tremendous presence especially here in the Northeast, IPS will strive even harder to provide Fleet's corporate customers with the same high levels of satisfaction and support they have come to expect from Fleet."

DoubleCheck has been successfully implemented in thousands of corporations in North America to date and has bridged the gap for positive pay with a number of the largest financial institutions in the United States and Canada.

About IPS of Boston

IPS of Boston is a growing leader in payment transaction and check fraud avoidance software. IPS payment solutions conform to the strict guidelines of ANSI (American National Standard Institute), the ABA (American Bankers Association) and ISO (International Standards Organization). Company and product information may be obtained by calling (508) 230-7000 or by accessing either of their web sites www.POSITIVEPAY.com or www.ACH.com.


About FleetBoston Financial

FleetBoston Financial is the seventh-largest financial holding company in the United States, with assets of $191 billion. The company's principal businesses, Personal Financial Services and Wholesale Banking, offer a comprehensive array of innovative financial solutions to 20 million customers. Through its Personal Financial Services franchise, Fleet offers retail banking, wealth management and investment services, nationwide brokerage, credit card and consumer lending services. These services are available through approximately 1,500 branches and more than 3,500 ATMs in the Northeast; through Fleet HomeLink, one of the nation's leading online banking platforms; and through telephone banking. Fleet is the leading small business services and commercial banking provider in the Northeast. Fleet's Wholesale Banking division provides commercial lending, syndications, leasing, cash management, asset-based finance, foreign exchange and interest rate derivatives to corporate clients. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF).

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For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000

FOR IMMEDIATE RELEASE

IPS OF BOSTON'S DOUBLECHECKÒ VERSION 3.0 HELPS SMALL AND MIDSIZE COMPANIES IMPLEMENT BANK POSITIVE PAY SERVICES

Check Image Assistant™ Feature Provides Additional Data To Check Files For Cross Matching Utilizing Modem, Email, FTP and Web Portal For Transmitting AND Receiving Files On a PC Or Server.

BOSTON, Mass. September 26, 2002 -- IPS of Boston, a leading developer of Corporate Payment and Check Fraud Avoidance Software today announced a new release of its DoubleCheck "Check Issue File Reformatting Software" that helps companies implement their bank's positive pay services. "Positive Pay" is an industry term for the check matching service that many banks have offered for years as a means of reconciling accounts and reducing exposure to fraud. The problem has been providing a simple and effective approach for clients to create and transmit their check files. DoubleCheck will address this problem.
DoubleCheck helps corporations create an electronic "bridge" enabling communication of check files to their bank for matching purposes. Once the bank receives the file; checks are matched to that file as they are being presented for payment. If there are any irregularities with the checks being presented for payment such as counterfeit, duplicate or altered checks, the corporation is notified of the possible fraudulent document to determine how it should be handled. The process significantly reduces the exposure for fraudulent checks for the corporate client as well as for the bank.

While the new version of DoubleCheck still contains many popular features of the original, the new release has several new capabilities including Check Image Assistant, a feature that can incorporate additional check data such as Payee, Address, Routing Number, etc. to the standard positive pay file consisting of Date, Dollar Amount, Check Number and Account Number. Over dozen additional fields or identifiers found on the actual check can be added through DoubleCheck's Check Image Assistant, even electronic signatures. While this software feature itself does not perform scanning or imaging, DoubleCheck's Check Image Assistant has been designed to work in conjunction with a bank's check imaging system to allow data to be uploaded and compared almost immediately increasing the likelihood fraudulent checks are caught sooner.

The release of DoubleCheck 3.0 also brings enhanced communication capability including the ability to transmit and receive files from a bank via modem, Email or Internet. Check issue files can be sent to the bank's web portal, FTP site or mailbox server using that bank's specific and unique set of protocols to establish a connection. Files can also now be received from the bank for uses such as reverse positive pay or matching open vs. cleared checks. DoubleCheck can also create a standard file the company can then reformat for uploading to their accounting software.

A much more intuitive and user friendly Check File Format Wizard simplifies DoubleCheck's one time setup even more. An accompanying library of hundreds of bank positive pay file formats is also included with more being added every day. Updates can be downloaded from the IPS website.

For corporations with high check volumes or remote locations, an Enterprise version of DoubleCheck 3.0 is also available in this release. Each site has the ability to transmit their check files independently or have them incorporated into one main file sent by the central location. The newly designed database can encrypt and store up to 10 million records while providing increased overall system performance and faster database access time. Multi-level authorized access, improved reporting and auditing help round out DoubleCheck's security enhancements.

"We have received dozens of ideas and suggestions over the past few years on how to better meet the needs of small and midsize companies incorporating these suggestions into DoubleCheck 3.0," stated Gary McNamee, IPS' president and CEO. "We hope DoubleCheck 3.0 will also receive the attention of the community banks and be considered a viable solution to their primary corporate customers positive pay implementation needs."

DoubleCheck has been successfully implemented in hundreds of corporations in North America to date and has bridged the gap for positive pay with a number of the largest financial institutions in the United States and Canada.

About IPS of Boston

IPS of Boston is a growing leader in payment transaction and check fraud avoidance software. IPS payment solutions conform to the strict guidelines of ANSI (American National Standard Institute), the ABA (American Bankers Association) and ISO (International Standards Organization). Company and product information may be obtained by calling (508) 230-7000 or by accessing either of their web sites www.POSITIVEPAY.com or www.ACH.com.

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Editorial Contact:

For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000
tmiller@ipsboston.com

Wells Fargo
Susan Stanley (415) 396-4417

FOR IMMEDIATE RELEASE

WELLS FARGO PARTNERS WITH IPS OF BOSTON TO COMBAT CHECK FRAUD

DoubleCheckÒ Software Will Be Recommended To Streamline Implementation Of Positive Pay Service.

BOSTON, Mass. April 24, 2002 -- IPS of Boston, a leading developer of Corporate Payment and Check Fraud Avoidance Software today announced it will be partnering with Wells Fargo to license IPS' DoubleCheck software solution to Wells Fargo's corporate clients. In addition to offering a discounted license fee, IPS will also provide free setup support to corporate clients referred by Wells Fargo.
DoubleCheck is a software product that will help corporations create an electronic "bridge" enabling communication of check files to their bank for matching purposes. Once the bank receives the file; checks are matched to that file as they are being presented for payment. If there are any irregularities with the checks being presented for payment such as counterfeit, duplicate or altered checks, the corporation is notified of the possible fraudulent document to determine how it should be handled. The process significantly reduces the exposure for fraudulent checks for the corporate client as well as for the bank.

"We are always looking for ways to further improve convenience and security for our corporate clients," stated Justin Freeman, ARP/Positive Pay Product Manager for Wells Fargo. "We believe the DoubleCheck product from IPS of Boston will offer this by being an effective compliment to our positive pay services."

About IPS of Boston

IPS of Boston is a growing leader in payment transaction and check fraud avoidance software. IPS payment solutions conform to the strict guidelines of ANSI (American National Standard Institute), the ABA (American Bankers Association) and ISO (International Standards Organization). Company and product information may be obtained by calling (508) 230-7000 or by accessing either of their web sites www.POSITIVEPAY.com or www.ACH.com.

About Wells Fargo

San Francisco-based Wells Fargo (NYSE:WFC), with $308 billion in assets, is a diversified financial services company providing banking, insurance, wealth management and estate planning, investments, mortgage and consumer finance from more than 5,400 stores, the world's leading Internet banking site (www.wellsfargo.com) and other distribution channels across North America and elsewhere internationally.

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Editorial Contact:

For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000
tmiller@ipsboston.com

Wachovia Corporation
Leah Dering (704) 383-0551

FOR IMMEDIATE RELEASE

WACHOVIA CORPORATION SIGNS REFERRAL AGREEMENT WITH IPS OF BOSTON

IPS DoubleCheckÒ Software Will Be Recommended To Wachovia Treasury Services Customers To Create Check Issue Files For Positive Pay Reconcilement

Boston, Mass. April 1, 2002 -- IPS of Boston, a leading provider of payment and fraud avoidance software products for corporations worldwide today announced it has signed a referral agreement with Wachovia Corporation, headquartered in Charlotte, NC. Per the agreement, Wachovia will recommend the IPS DoubleCheckÒ Software to its Treasury Services customers who wish to use positive pay reconcilement but may lack the internal resources or expertise to format and transmit their check issue files. In return, IPS will offer DoubleCheck to Wachovia customers at a reduced license fee.

"We have been referring our customers to IPS for their DoubleCheck Software for quite some time," stated Alex Hubay, Wachovia Vice President and Account Reconcilement Product Manager. "Given the successful track record of DoubleCheck and the added value to our Treasury Services customers, formalizing the relationship with IPS was a natural next step."

Positive Pay is an industry term for a check matching fraud detection service provided by most financial institutions. After the client checks are cut (payroll checks, for example), an electronic check issue file is then transmitted to the bank. As the checks are individually presented for payment, they are matched to the issue file. Any suspect checks are then flagged for review prior to payment. If there is a discrepancy or a determination of fraud, the client then instructs the bank not to allow payment. This procedure ensures protection against fraud and the prevention of financial loss. While the positive pay service has been available for quite some time, it is often difficult for the corporate client to modify check issue files into the required format. DoubleCheck Software will address this problem.

"For over three years, DoubleCheck has worked for a number of businesses to successfully implement the positive pay service," stated Gary McNamee, IPS president and founder. "We're excited about Wachovia's decision to formalize our relationship and look forward to building upon our track record of satisfied customers".

While many larger corporations today use positive pay through their financial institutions, DoubleCheck will allow more middle market and even small business clients, who may not have had the time or internal resources before, to take advantage of the benefits offered through positive pay. With a one-time license fee of just $495.00 and toll-free setup support, DoubleCheck is the most effective and affordable check fraud weapon on the market today.

About IPS of Boston

IPS of Boston is a growing leader in payment and fraud avoidance software. IPS Payment Suite of products includes C.O.D. Checks On Demand! DoubleCheck and ACHieve! Information in this release applies specifically to products available in the United States. Products availability and specifications may vary in non-U.S. markets. Company and product information may be obtained by calling (508) 230-7000 or by accessing their web sites: www.POSITIVEPAY.com or www.ACH.com.

About Wachovia Corporation

Wachovia Corporation, headquartered in Charlotte, NC, is the nation's fourth-largest bank holding company and second-largest treasury management service provider. Corporations of all sizes rely on Wachovia as a key strategic advisor for domestic and international treasury management. In addition to treasury management and treasury consulting services, Wachovia offers a full suite of financial solutions including corporate and investment banking, asset and wealth management, brokerage and insurance services. Cash flow solutions include e-commerce, integrated payables and receivables, information reporting via Web or PC, and risk management.

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Editorial Contact:
For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000
tmiller@ipsboston.com

ABN AMRO NORTH AMERICA
Robert Mau (312)904-2642
robert.mau@abnamro.com

FOR IMMEDIATE RELEASE

LA SALLE BANK AND STANDARD FEDERAL BANK PARENT COMPANY ENTERS INTO REFERRAL AGREEMENT WITH IPS OF BOSTON

DoubleCheckÒ Software Will Be Recommended To Expedite Implementation Of Positive Pay Services

Boston, Mass. February 5, 2002 -- IPS of Boston, a leading provider of payment and fraud avoidance software products for corporations worldwide today announced it has entered into an agreement with ABN AMRO North America, Inc. (AANA), the parent company of LaSalle Bank in Chicago and Standard Federal Bank in Michigan. For their part, LaSalle Bank and Standard Federal Bank will recommend the IPS DoubleCheckÒ Software to corporate customers who wish to use their positive pay services but may lack the internal resources or expertise to format and transmit their check issue files. Future releases of DoubleCheck will contain AANA's positive pay format.

"IPS of Boston's DoubleCheck software allows customers to easily create check issue information and transmit this information to the bank," stated Deb Ryan, Vice President and Lead Disbursement Product Manager for ABN AMRO Services Company, a subsidiary of AANA, which provides technical solutions for LaSalle Bank and Standard Federal Bank. "We will recommend DoubleCheck software to customers who desire a simple, uncomplicated means to transmit check issue information in order to take advantage of ABN AMRO's Positive Pay and ARP Full Account Reconciliation Services."

Positive Pay is an industry term for check matching services provided by most financial institutions. After checks are cut at the corporate client site, the check issue file is then sent to the bank. As the checks are individually presented for payment, suspect checks are flagged for review prior to payment. If there is a discrepancy or a determination of fraud, the client instructs the bank not to pay the check, thereby avoiding loss to the corporate client or the bank. While the positive pay service has been available for quite some time, it is often difficult for the corporate client to modify those check issue files into the format in which the bank wishes to receive them. DoubleCheck will address this problem.

"The decision to refer DoubleCheck will allow ABN AMRO to provide increased flexibility and service to clients who wish to utilize its positive pay services," remarked Gary McNamee, president and CEO of IPS of Boston. "Once in place, these clients will have greatly reduced their exposure for being a victim of check fraud."

While many larger corporations today utilize positive pay services through their financial institutions, DoubleCheck will also allow many middle market and even small business clients, who may not have the time or internal resources, to utilize positive pay services.

About IPS of Boston

IPS of Boston is a growing leader in payment and fraud avoidance software. IPS Payment Suite of products includes C.O.D. Checks On Demand!Ò DoubleCheckÒ and ACHieve!Ò Information in this release applies specifically to products available in the United States. Products availability and specifications may vary in non-U.S. markets. Company and product information may be obtained by calling (508) 230-7000 or by accessing their web sites, www.POSITIVEPAY.com or www.ACH.com.

About ABN AMRO

Netherlands-based ABN AMRO Bank N.V. is one of the world's largest banks with total assets of EUR 614.6 billion and a presence in more than 3,500 locations in over 70 countries and territories. ABN AMRO is organized into three autonomous strategic business units, responsible for managing wholesale clients; consumer and commercial clients; and private clients and asset management.

ABN AMRO North America, Inc. is headquartered in Chicago and has nearly $90 billion in assets. Subsidiaries include LaSalle Bank in Chicago, Standard Federal Bank, N.A. in Michigan.

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Editorial Contact:
For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000

FOR IMMEDIATE RELEASE

REGIONS FINANCIAL CORPORATION SIGNS REFERRAL AGREEMENT WITH IPS OF BOSTON

DoubleCheckÒ Software Will Be Recommended To Expedite Implementation Of Positive Pay Services

Boston, Mass. January 9, 2002 -- IPS of Boston, a leading provider of payment and fraud avoidance software products for corporations worldwide today announced it has entered into a referral agreement with Regions Financial Corporation's Treasury Management Group. Regions will recommend the IPS DoubleCheckÒSoftware to its corporate customers who wish to use Region's positive pay services but may lack the internal resources or expertise to format and transmit their check issue files. In return, IPS will offer DoubleCheck to Regions customers at a reduced license fee. Future releases of DoubleCheck will contain the Regions positive pay format.

"We selected IPS' DoubleCheck Software to recommend to our customers after discovering how simple the installation process was and how easy the software would be for ongoing use," stated Mary Morgan CCM, CMA Vice President and Director of Product Management for Region's Treasury Services Group. "We believe DoubleCheck will be an effective and successful compliment to Region's positive pay services."

Positive Pay is an industry term for check matching services provided by most financial institutions. After checks are cut at the corporate client site, the check issue file is then sent to the bank. As the checks are individually presented for payment, suspect checks are flagged for review prior to payment. If there is a discrepancy or a determination of fraud, the client tells the bank not to pay the check, thereby preventing the loss by the corporate client or the bank. While the positive pay service has been available for quite some time, it is often difficult for the corporate client to modify those check issue files into the format in which the bank wishes to receive them. DoubleCheck will address this problem.

"We're excited to welcome Region's Bank as the newest member of our Banking Referral Partner Program," stated Gary McNamee, IPS president and founder. "This is sure to be a successful relationship with the Regions Bank customer emerging the ultimate winner."

While many larger corporations today utilize positive pay through their financial institutions, DoubleCheck will also allow many middle market and even small business clients, who may not have the time or internal resources, to utilize positive pay. With a one-time license fee of just $495.00 and up to an hour of software setup support, DoubleCheck is the most effective and affordable check fraud weapon on the market today.

About IPS of Boston

IPS of Boston is a growing leader in payment and fraud avoidance software. IPS Payment Suite of products includes C.O.D. Checks On Demand! DoubleCheck and ACHieve! Information in this release applies specifically to products available in the United States. Products availability and specifications may vary in non-U.S. markets. Company and product information may be obtained by calling (508) 230-7000 or by accessing their web sites, www.POSITIVEPAY.com or www.ACH.com.

About Regions Financial Corporation

Regions Financial Corporation, with $45.7 billion in assets, ranks among the 25 largest financial services companies in the nation. Serving customers throughout the South, it provides traditional commercial and retail banking services and other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance, leasing and mortgage banking. Its banking affiliate, Regions Bank, offers banking services from more than 670 banking offices in Alabama, Arkansas, Florida, Georgia, Louisiana, South Carolina, Tennessee and Texas. Regions provides investment and brokerage services from more than 140 offices of Morgan Keegan & Company, Inc., one of the South's largest investment firms. Regions ranks on both the Forbes 500 and the Fortune 500 listing of America's largest companies; its common stock is traded in the NASDAQ National Market System under the symbol RGBK. More information may be obtained by calling 1-800-REGIONS or by accessing the Regions Bank web site www.RegionsBank.com

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IPS OF BOSTON SIGNS AGREEMENT WITH FINANCIAL INDUSTRY LEADER PNC BANK 

Software Developer's Product Will Help PNC Clients To Combat Check Fraud.

Boston, Mass. December 3, 2001 -- IPS of Boston, a leading provider of payment and fraud avoidance software products for corporations worldwide today announced it has entered into a referral agreement with PNC Bank Treasury Management to provide IPS’ DoubleCheckÒ fraud avoidance software to PNC corporate clients at a reduced license fee. Future releases of DoubleCheck will contain the PNC Positive Pay format.

“IPS of Boston offers a software product that features spreadsheet functionality and file format capability that will enable a wider range of small and mid-sized companies to take advantage of the security of PNC Bank’s Positive Pay, a check fraud protection service," stated Joelle Swart, product manager, PNC Bank Treasury Management.

Positive Pay is an industry term for check matching services provided by most financial institutions. After checks are cut at the corporate client site, the check issue file is then sent to the bank. As the checks are individually presented for payment, suspect checks are flagged for review prior to payment. If there is a discrepancy or a determination of fraud, the client tells the bank not to pay the check, thereby preventing the loss by the corporate client or the bank. While the positive pay service has been available for quite some time, it is often difficult for the corporate client to modify those check issue files into the format in which the bank wishes to receive them. DoubleCheck will address this problem.

“We are excited and proud to have the opportunity to work with PNC Bank,“ stated Gary McNamee, IPS president and founder. “ IPS is committed to providing the same high levels of service and support clients have come to expect from PNC Bank.”

While many larger corporations today utilize positive pay through their financial institutions, DoubleCheck will also allow many middle market and even small business clients, who may not have the time or internal resources, to utilize positive pay. With a one-time license fee of just $495.00 and up to an hour of software setup support, DoubleCheck is the most effective and affordable check fraud weapon on the market today.  

About IPS of Boston

IPS of Boston is a growing leader in payment and fraud avoidance software. IPS Payment Suite of products includes C.O.D. Checks On Demand! DoubleCheck and ACHieve! Information in this release applies specifically to products available in the United States. Products availability and specifications may vary in non-U.S. markets. Company and product information may be obtained by calling (508) 230-7000 or by accessing their web sites, www.positivepay.com or www.ach.com.

 

About PNC Bank Treasury Management

PNC Bank Treasury Management is a business unit of PNC Bank, which is a member of The PNC Financial Services Group, Inc. PNC Bank is one of the top ten treasury management providers in the nation, maintaining its position as an industry leader with a diverse mix of advanced products and services. PNC Bank Treasury Management helps companies manage their finances by integrating their receivables, payables, investment and information reporting activities into one streamlined system.

The PNC Financial Services Group, Inc. (NYSE: PNC), headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations providing regional community banking, corporate banking, real estate finance, asset-based lending, wealth management, asset management and global fund services.

For more information, visit PNC Bank Treasury Management on the Web at http://www.treasury.pncbank.com.

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Editorial Contact:

Todd Miller (508) 230-7000

FOR IMMEDIATE RELEASE

IPS OF BOSTON LAUNCHES NEW AND IMPROVED WEB SITE FOR EASY ONLINE ORDERING AND DATA ACCESS.

WWW.POSITIVEPAY.COM and WWW.IPSOFBOSTON.COM Will Better Support Customers And Partners For Web Enabled Information Exchange

Boston, Mass., November 5, 2001 -- IPS of Boston, a leading provider of payment based and fraud avoidance software products for corporations worldwide today announced the launching of its new and improved web sites. The new sites were designed to better serve its customers, prospective customers and partners who request information on payment and fraud industry data, resources and links as well as IPS software products offered. Customers can further utilize the IPS web site for online ordering and technical support of its software and related products.

"We are very positive about the new sites, "stated Gary McNamee, IPS president and founder. " IPS is committed to ensuring convenience and ease for its customers and partners who require access to industry information or IPS solutions."

About IPS of Boston

IPS of Boston is a growing leader in payment and fraud avoidance software applications. Company and product information may be obtained by calling (508) 230-7000 or by accessing their web sites: www.positivepay.com or www.ipsofboston.com



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FOR IMMEDIATE RELEASE

 

Boston, Mass. (July 10, 2000) – IPS of Boston, a leading developer of Corporate Payment and Check Fraud Avoidance Software applications today announced the successful completion of its pilot testing program with Bank of America for its DoubleCheck™ positive pay software solution. DoubleCheck™ is a software application that will help Bank of America’s corporate clients create an electronic “bridge” enabling communication of check files to the bank for matching purposes. Once Bank of America receives the file, checks are matched to that file as they are being presented for payment. If there are any irregularities with the checks being presented for payment such as counterfeit, duplicate or altered checks, the corporate client is notified of the possible fraudulent document to determine how it should be handled. The process significantly reduces the exposure for fraudulent checks for the corporate client as well as for Bank of America.

“We are quite pleased with the results of the pilot program,” stated James Clark, Senior Vice President of Treasury Product Management for Bank of America.  “The ease of use of DoubleCheck™ is sure to provide our corporate clients with an effective check fraud solution.”

Positive Pay is a service that many banks have offered for years as a means of reconciling accounts and reducing exposure to fraud. The problem has been providing a simple and effective approach for clients to create and transmit their issue files.  DoubleCheck™ is sure to offer an easy solution to this problem.

“We have carefully monitored the clients Bank of America provided for the pilot,” stated Gary McNamee, IPS Founder and CEO. “The fact that they were installed and transmitting their accounts payable and payroll check files most times in a matter of minutes, not days is a testament to DoubleCheck’s effectiveness.”

“It was a very painless process, stated Michael Stephens, Controller and Assistant Treasurer for The American Physical Society and Bank of America corporate client. “I was able to implement the software without the need for any involvement of our IT staff.”

DoubleCheck™ has currently been piloted in a number of the largest financial institutions in the US. Additional information on DoubleCheck™ and the growing problem of check fraud can be found at www.positivepay.com or by contacting IPS of Boston at (508) 230-7000.

 

ABOUT BANK OF AMERICA
Bank of America, with $656 billion in assets, is the largest bank in the United States. It provides international corporate financial services for over two million businesses conducting transactions in 190 countries. More corporations, small businesses and consumers use online banking and investing services from Bank of America than any other financial services company in the United States. Bank of America was the first to offer digital certificate security to corporate clients. The company's stock (ticker: BAC) is listed on the New York, Pacific, and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange. Further investor information can be found at www.bankofamerica.com/investor.

 

ABOUT IPS OF BOSTON
IPS of Boston is a growing leader in paper based and electronic payment transaction software.  IPS payment solutions conform to the strict guidelines of ANSI (American National Standard Institute), the ABA (American Bankers Association) and ISO (International Standards Organization).  Company and Product Information may be obtained by calling (508) 230-7000 or by accessing  their web site www.ipsofboston.com.

For More Information Contact:
IPS OF BOSTON
Todd Miller    (508) 230-7000  or tmiller@ipsboston.com

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FOR IMMEDIATE RELEASE

 

DATA GENERAL FOUNDER NAMED TO BOARD OF ADVISORS AT IPS

-- Pioneer of the Mini-Computer to Assist with Corporate Direction and Growth --

Boston, Mass. (May 22, 2000)  --  Today it was announced that the pioneer in the invention of the mini-computer and founder of Data General Corporation Edson DeCastro, was named to the Board of Advisors of Innovative Products and Services (IPS) of Boston. IPS is a developer of payment software solutions which allow corporations to migrate from traditional forms of payment including laser check printing to Financial EDI and Electronic Commerce. The appointment is sure to aid in IPS' long term initiatives of developing secure payment transactions over the internet. "Our primary focus to date has been assisting corporations in converting to laser check printing and Automated Clearing House (ACH) transactions," stated Gary McNamee, IPS founder and president. " The next step is providing secure paper based and electronic payment applications over the internet."

DeCastro's role on the board will be to assist IPS in its strategic alliances with partners who will bundle or integrate IPS payment software with their products. "I believe IPS is on track to having a key role in corporate payment solutions and products for Electronic Commerce over the internet," stated DeCastro.

 

IPS OF BOSTON is a growing leader in check disbursement software and financial payment solutions. Its products conform to the strict guidelines of ANSI (American National Standards Institute), the ABA (American Bankers Association) and ISO (International Standards Organization).

For More Information Contact:

IPS OF BOSTON
Todd Miller (508) 230-7000 or tmiller@ipsboston.com

NOTE TO THE EDITOR: Product Information may be obtained by calling (508) 230-7000 or accessing our web site http://www.ipsofboston.com. Information in this release applies specifically to products available in the United States. Product availability and specifications may vary in non-U.S. markets. The fastest response to your readers' inquiries will be ensured by mailing them to IPS OF BOSTON, Market Communications Department, 19 Norfolk Avenue, P.O. Box 1000, S. Easton, MA 02375.

IPS OF BOSTON - 19 Norfolk Avenue - S. Easton, MA 02375
PHONE (508) 230-7000  ~  FAX (508) 230-7066

EDITORIAL CONTACT:
For More Information Contact:
IPS OF BOSTON
Todd Miller (508) 230-7000    

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FOR IMMEDIATE RELEASE

 

IPS OF BOSTON SIGNS CONTRACT WITH PAYROLL GIANT ADP

Software Developer Licenses its Payment Distribution 
Engine for ADP’s PC Payroll for Windows Software

Boston, Mass.,  May 17, 2000 -- IPS of Boston, a leading provider of paper based and electronic payment software solutions for corporations worldwide, and Automatic Data Processing, Inc. (ADP®) today announced that ADP will license the IPS Payment Distribution Engine for use in a mid-to-large market payroll application.  As part of a multi-year agreement, the IPS Engine will be embedded into upcoming releases of ADP’s PC Payroll for Windows software that will be available throughout the US and then following in the Canadian market in both English and French. 

Through the scalable IPS Payment Distribution Engine, ADP clients can optionally produce payroll checks, vouchers and related reports on site. The IPS Engine will also enable ADP clients to produce e-vouchers, reducing or eliminating the need for paper pay stubs and further streamlining the payment process. In addition, ADP clients will be able to order check stock, MICR toner and other supplies online through the IPS Web site. ADP and IPS are also collaborating on strategic product development for future releases into ADP Internet initiatives. “ADP has selected IPS of Boston for their product’s impressive functionality, performance and scalability, “stated Linda Mougalian, Senior Director of Product Marketing, ADP. “The IPS Payment Distribution Engine combined with our ADP PC Payroll for Windows Software will provide the reliability and quality our clients have come to expect from ADP.”

“We are excited and proud to have been selected by ADP to provide the payment distribution engine for this product,” stated Gary McNamee, president and CEO of IPS of Boston. “We look forward to working with ADP in the future to provide its clients with the latest innovations for both paper based disbursements and electronic payments.”

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FOR IMMEDIATE RELEASE

 

New DoubleCheck™ From IPS of Boston
Makes It Easy To Implement
Positive Pay For Check Fraud Protection

ORLANDO, Florida, May 8, 2000 – Innovative Products and Services (IPS) of Boston, a leading developer of software solutions for corporate payment management, today introduced its DoubleCheck™ positive pay software for Windows 95/98/2000 and Windows NT, providing any size organization with an easy way to reduce check fraud and improve the reconciliation process. IPS made the announcement at Walt Disney World at the Tenth Annual Accounts Payable Open Forum, sponsored by the International Accounts Payable Professionals (IAPP).

 

DoubleCheck software enhances and strengthens a company’s payment management process by making it easy to implement a positive pay protection system. The DoubleCheck system accepts any delimited payment file format from most major accounting systems and automatically configures and transmits a positive pay file in the format acceptable to the user’s bank. IPS will provide ready-to-use bank file format templates that registered DoubleCheck users can download from the IPS Web site at www.positivepay.com. According to IPS of Boston president Gary McNamee, the DoubleCheck positive pay software is a self-contained system. "The combination of IPS DoubleCheck, our (C.O.D.) Checks On Demand! laser check writing system, and our financial EDI software provides a powerful payment management solution that should appeal to accounts payable managers, corporate treasurers, and anyone responsible for managing payments," McNamee said. "We’ve focused our development efforts in making DoubleCheck as simple as possible to implement and use. Creating and transmitting positive pay files may have seemed daunting to some organizations. DoubleCheck does not require traditional information system department support. Most users will be able to load and use the system on their own."

 

"Positive pay files are an increasingly popular way to reduce check fraud and better manage the payment process," McNamee explained. "For each check run, a corresponding file can be imported into the DoubleCheck system and formatted to match the user’s bank requirements. This file is then transmitted to the bank over a direct modem connection or a secure Web site. DoubleCheck also has the ability to use e-mail. The bank then has a copy of the user’s check file, including check numbers, date, dollar amounts, and account numbers. As checks are presented for payment, the checks are compared to the positive pay file. Any discrepancies in the information triggers an alert by the bank to the user who can then review the check to determine if it should be paid or not." DoubleCheck is priced at only $495. Standard security features include encrypted files and reports, password protection, and the ability to add voided checks.

 

For More Information Contact:

 

Sales Contact: Kathy Cotter IPS of Boston (508) 230-7000 kcotter@ipsboston.com

OR

Editorial Contact: Todd Miller IPS of Boston (508) 230-7000 Tmiller@ipsboston.com

EDITOR’S NOTE: Product Information may be obtained by calling (508) 230-7000 or by visiting our Web site at www.positivepay.com. Information in this release pertains specifically to products available in the U.S. Product availability and specifications may vary in non-U.S. markets. Reader inquiries should be referred to IPS of Boston, 19 Norfolk Avenue, P.O. Box 1000, S. Easton, MA 02375.

DoubleCheck is a trademark of IPS of Boston.

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FOR IMMEDIATE RELEASE
BRAINTREE, MASS. – January 25, 2000  

As posted in the December 1999 LEAHY newsletter 
For Treasury Management Professionals 

1999 TMA Conference Highlights Innovations In Treasury Management.
The newsletter mentions some of the interesting things that they learned 
at this conference including:

Positive Pay Assistance For Corporations 

IPS of Boston (a software developer) has developed a Windows-based computer program that can help a corporate prepare and send to the bank each day the positive pay file on checks issued.  The program (called DoubleCheck) would extract information on checks issued that  day by the corporation's accounting system's files, create an electronic file in the bank's format, and send it to the bank.

(Positive pay is a banking service wherein each day a customer sends  the bank an electronic listing of the account number, check number, and  dollar amount of each check issued.  The bank's computer then compares the number and dollar amount of each presented check with the information on this listing.  If it matches, the computer accepts the check for payment.  If it does not match, the bank can immediately return the check.)

Mainly corporates do not use positive pay because they cannot get their information technology (IT) departments to write special programs to extract information from the accounting system's files, create an electronic file in the banks' formats, and send it to the banks. If the corporation uses several banks for positive pay, then the IT department must write several versions of that program.

Corporates can eliminate these problems by using DoubleCheck.  The user reviews a listing of accounting systems and selects the one used by the  corporation, shows the program where the accounting records are stored, reviews a listing of banks and selects theirs, and keys the phone number or web address to which the information should be sent.  Once this selection process is done, DoubleCheck uses this information each day to prepare a positive pay listing and send that listing to the bank. (Versions of DoubleCheck can send multiple listings to multiple positive pay banks.) DoubleCheck also can add a manually-created check to the positive pay file. DoubleCheck also can remove checks (for, say, stop payments) from the positive pay file.

Leahy Newsletter is a paper-based monthly publication designed to help treasury management professionals do their jobs better, easier, and more quickly. 
www.leahynewsletter.com

For more information on the Leahy Newsletter you can contact them by phone at (714) 665-2270, or e-mail any questions to them at: 
Information@Leahynewsletter.com.

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FOR IMMEDIATE RELEASE

World's Largest Payroll Association appoints IPS of Boston to
Advisory Council 

BRAINTREE, MASS. – December 2, 1999 – Innovative Products and Services (IPS) of Boston, a leading provider of software solutions for corporate payment management, today announced it has been appointed to the newly instituted Vendor Advisory Council of The American Payroll Association, the premier association for payroll professionals worldwide.  IPS' role will be to provide valuable input to help the association better serve its members.

"Given the limited number of seats on the council and the vast array of vendors offering payroll and human resource solutions, we are proud to have been selected by the APA for this honor," stated Gary McNamee, IPS CEO and founder.  "We will do our utmost to ensure the advisory council's success for the APA and its members."

The council will hold its first meeting later this month.

"The American Payroll Association appointed its first vendor advisory council from some of the top companies in our industry. These recognized leaders are volunteering their time and expertise to create better communication between vendor companies, the Association, and our members--and we're looking forward to dynamite results from their efforts," stated Lisa Calhoun, APA's Manager of Corporate Resources. "IPS of Boston was invited because of the fast-growing software company's informed perspective on the payment process and fraud prevention, two key concerns of our membership."

Others represented on the council are ADP, the world's largest payroll service bureau; ProBusiness, the leading large-employer service bureau; Ceridian, the payroll and HRIS outsourcing giant; BNA, a leading publisher of payroll and business reference texts; and Ultimate Software Group, an award-winning provider of HR/payroll application hosting.


About the American Payroll Association

For over 18 years, the American Payroll Association has been the nation's leader in payroll education. The 18,500-member trade organization also hosts the world's largest payroll conferences and exhibit halls, administers the industry's professional certification examinations, and publishes the industry's leading trade journals, training manuals, and payroll training software.

About IPS of Boston

IPS of Boston is a growing leader in laser check disbursement software and financial payment solutions since 1991. IPS Checks On Demand laser check writing software is used by a wide range of organizations to streamline the payment process, saving time, money, and manpower. IPS systems provide growing companies with a secure, flexible payment management solution that can easily meet current and future needs. Its payment solutions conform to the strict guidelines of the American National Standards Institute (ANSI), the American Bankers Association (ABA), and International Standards Organization (ISO).

For More Information Contact:

Lorenzo Nastasi American Payroll Association (210) 226-4600 lnastasi@apa-ed.com

or

Todd Miller IPS of Boston (508) 230-7000 micr@ipsboston.com

EDITOR’S NOTE

Product Information may be obtained by calling (508) 230-7000 or by visiting the IPS Web site at www.positivepay.com  Information in this release pertains specifically to products available in the U.S. Product availability and specifications may vary in non-U.S. markets.  Reader inquiries should be referred to IPS of Boston, 19 Norfolk Avenue, P.O. Box 1000, South Easton, MA  02375.

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According to McNamee, the C.O.D. solution is also designed to facilitate the migration to electronic payments, including Automated Clearing House (ACH), Financial Electronic Data Interchange (FEDI), Electronic Funds Transfer (EFT), and other types of electronic commerce and transactions.

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FOR IMMEDIATE RELEASE

IPS of Boston Renews Relationship With Hewlett Packard  

BRAINTREE, MASS. – June 1, 1999 – Innovative Products and Services of Boston Today announced that it has renewed its relationship with Hewlett Packard as an authorized Hewlett Packard Solution’s Provider.

“Our relationship with Hewlett Packard has always been one of tremendous value to our mutual customers,” stated Gary McNamee, IPS president and founder. “We are excited about their continued support and look forward to providing the best in software solutions with HP into the new millennium.”

IPS will be providing software solutions which will allow standard out of the box HP LaserJet printers to produce laser checks and reports at both central and distributed locations bringing an affordable, secure, quality solution to corporations while helping them to migrate towards electronic payments.     

IPS OF BOSTON has been a leader in check disbursement software and financial payment solutions since 1991. Its products conform to the strict guidelines of ANSI (American National Standards Institute), the ABA (American Bankers Association) and ISO (International Standards Organization).

For More Information Contact:

IPS OF BOSTON
Todd Miller (508) 230-7000

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FOR IMMEDIATE RELEASE

IPS laser check writing system a natural fit with Flexi financial software

BOSTON, Mass., February 8, 1999 – Innovative Products and Services (IPS) of Boston, a leading developer of software solutions for corporate payment management, today announced that it has been named a Flexi Product Partner by FlexiInternational Software, a leading provider of financial and accounting software for multinational companies. The IPS C.O.D. (Checks On Demand!®) laser check writing system helps users reduce the costs, labor, and time spent on check processing and provides an easy path to electronic payment management.

"The IPS C.O.D. system complements our FlexiFinancials suite of financial management applications," notes Stefan R. Bothe, Chairman and CEO of FlexiInternational Software. "We believe the C.O.D. system will provide enhanced value to our customers who want to streamline their payment management with laser check printing."

The IPS C.O.D. solution is designed to allow users of FlexiFinancials to print checks on blank security paper, thereby eliminating the need to print and store more expensive pre-printed check stock. C.O.D. enhances security by eliminating the pre-printed checks and providing a central repository for all check information. The C.O.D. system also enables users to issue positive pay files to financial institutions with each check run. Positive pay files contain information that is used to verify the authenticity of checks before they can be cleared in order to reduce check fraud.

IPS & Flexi

According to Gary McNamee, president of IPS, the C.O.D. solution is designed to facilitate the migration to electronic payments, including Automated Clearing House (ACH), Financial Electronic Data Interchange (FEDI), Electronic Funds Transfer (EFT), and other types of electronic commerce and transactions. "FlexiFinancials has powerful utilities to make it easy to work with IPS C.O.D." McNamee said, "The combined products offer customers a payment management solution with enhanced productivity and efficiency in check processing."

FlexiInternational Software

Based in Shelton, CT, FlexiInternational Software develops and markets FlexiFinancials, a suite of financial management applications, and Flexi Financial Datawarehouse, offering centralized processing and analysis of enterprise financial data. FlexiFinancials and FlexiFDW provide sophisticated financial and accounting capabilities, as well as flexible information access and decision making support. With approximately 250 customer sites worldwide, Flexi’s products support a variety of databases and hardware platforms; all are based on industry-standard tools and languages. For additional information, call 203 925-3040 or visit the Company's web site at www.flexi.com.

IPS of Boston

IPS of Boston is a growing leader in laser check disbursement software and financial payment solutions since 1991. Its payment solutions conform to the strict guidelines of the American National Standards Institute (ANSI), the American Bankers Associations (ABA), and International Standards Organization (ISO).

For More Information Contact: 

Hank Giles Giles Associates  (508) 248-7952

OR

Carl Nelson NEI Communications (508) 651-3100

EDITOR’S NOTE
Product Information may be obtained by calling (508) 230-7000 or by visiting our Web site at www.electronicpayments.com. Information in this release pertains specifically to products available in the U.S. Product availability and specifications may vary in non-U.S. markets. Reader inquiries should be referred to IPS of Boston, 19 Norfolk Avenue, P.O. Box 1000, S. Easton, MA 02375.

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FOR IMMEDIATE RELEASE

This article appeared in The Information Systems Audit and Control Association & Foundation - www.isaca.org/

As an auditor, you know that check fraud is a serious and very real threat to the business you're trying to protect. According to the FBI, each day 1.2 million fraudulent checks are presented for payment. The cost of this fraud to U.S. business has been estimated to be as much as $16 billion.

While the flood of bad checks has steadily increased over the years, the time allowed for banks to verify the authenticity of checks has been reduced dramatically with the enactment of the Expedited Funds Availability Act of 1988. This law, designed to protect consumers by forcing banks to make funds available sooner, is partly responsible, say experts, for the increase in check fraud. However, in 1992, banks gained some relief when changes in the Uniform Commercial Code (UCC) shifted some of the check fraud liability onto the shoulders of check issuers-you and me.

As bank customers, we may be held liable for check fraud losses if we do not exercise "ordinary care" and fail to follow "reasonable commercial standards" in managing our corporate accounts. The UCC changes define the account holder's responsibilities, including timely reconciliation and proper internal controls and procedures to limit fraud.

The most common forms of check fraud, according to the Federal Office of the Comptroller of the Currency, include:

   Altered checks. A legitimate check is altered by a criminal to change the payee name or amount line.

   Counterfeit checks. Includes checks presented for payment based on a fraudulent ID or are false checks drawn on valid accounts. Often, criminals use information obtained from individual or corporate garbage. In many cases, a corrupt bank or corporate insider provides information on accounts to criminals. Color copying and desktop publishing have made this type of fraud increasingly popular.

   Identity assumption. Criminals learn information about a bank customer such as name, address, and social security number and use this information to make account changes, transfers, and cash fraudulent checks.

   New account and closed account fraud. In new account schemes, a criminal opens an account using false information and deposits fraudulent checks into the account. Later, the criminal withdraws large amounts before the bank realizes it has been swindled. Closed account scams take advantage of the float time between ATM deposits and checks drawn on closed accounts at a distant bank.

   Other check fraud includes: sophisticated counterfeiting gangs, corrupt bank and corporate insiders, and telemarketing fraud.

Among the most oft-cited ways to reduce check fraud is the centralization of the check writing process. By reducing the number of people in your organization who can sign checks and by carefully controlling access to check stock and the equipment needed to produce legitimate checks you can significantly reduce the chances of being victimized. Among the other most common suggestions for reducing the likelihood of check fraud are the use of positive pay files, special check security features, better screening of employees, and proper segregation of duties.

Checks and Balances

Of course, the elimination of printed checks is the ultimate solution to check fraud. Most companies use a mix of paper and electronic instruments to manage the payment process. This mix includes Automated Clearing House (ACH), Federal Wire transfers, PC banking, direct deposit, and paper-based instruments. However, the conversion to a 100 percent electronic payment society is many years away. In the meantime, there are many systems that can help your company tighten control over the internal check writing process. One of the most popular systems for this purpose is magnetic ink character recognition (MICR) laser check writing.

MICR payment management system software is widely available and offers similar core functionality. Choosing the right system for your organization will depend on your particular requirements, including your check printing volume, remote printing needs, reconciliation demands, and your level of involvement in electronic payment methods. When choosing a system, you should look at the vendor's depth of experience, current client list, system options, system affordability, and links to major accounting and financial software.

A basic MICR solution consists of: MICR software, a laser printer (while many conventional laser printers can be used for this purpose, special MICR laser printers may offer enhanced security features), blank security stock, a magnetic ink toner cartridge, and special fonts. In some cases, special forms-handling equipment may be needed. Training for the new system may also be required in some cases. This is usually an additional cost.

MICR payment management systems typically take your accounts payable, payroll or benefits payment data from your main financial system and merge the information with the appropriate check formats, adding logos, addresses, text, MICR encoding and signatures to the final check image. The system software itself is typically resident on a PC or server. Payment information is typically sent to the system via a network connection. Many systems include built-in encryption capabilities for enhanced security.

Once the payment information is merged with the appropriate check images, actual printing is done on blank security stock on one or more laser printers equipped with special MICR toner and fonts. Checks can also be printed at remote printers located in other departments or other offices, anywhere. Blank security stock is typically used and of