Fiserv has new tool to combat check fraud

<p>CHICAGO – Fiserv Inc. has signed up Northern Trust Co. as the first financial institution to use its new technology for reducing fraud on corporate checks. According to Fiserv, the solution, called Positive PayPLUS with Secure Seal, allows institutions to automatically compare critical payment information on checks against the original information captured at the time the check was issued. Chicago-based Northern Trust is one of the country’s largest providers of treasury management services. Fiserv said Positive PayPLUS expands on current check verification methods in two ways: Payment information such as payee, issuee and dollar amount are printed directly on the face of the check in an unobtrusive, encrypted Secure Seal, or hidden within an existing image on the check, such as a logo or seal. Second, the presented check is digitally read to automatically capture the payment information and compare it with the Secure Seal.</p>