Exception Day 1 Processing to Become a Reality by CONIX Systems, Inc. and Data Support Systems (DSS)
MANCHESTER, Vt., June 17 /PRNewswire/ — CONIX Systems, Inc. (CONIX), a leading international provider of payment processing solutions to the financial services industry and pioneer in the acceleration of exception processing and Data Support Systems (DSS), a leading provider of image-based back office payment processing solutions, have formed a partnership to accelerate exception processing across the banking industry.
Under this partnership, DSS and CONIX will deliver a comprehensive end-to-end Day 1 exception solution by seamlessly integrating CONIX’s Xcept and Dupe Detective products with the DSS TRIPS Suite for image-based back office transactions. The integrated solution will provide a common decision engine for all exceptions.
“Exception processing is the elephant in the room as banking institutions evaluate their systemic risk,” said Frank Stokes, president of technology, CONIX Systems. “A CONIX – DSS joint problem-solving partnership for exception processing is a natural fit. We possess complementary skills to co-develop an integrated solution.”
The combined impact of image exchange, remote deposit capture, and the emergence of new electronic payment channels has increased exception volumes and exception types. Additionally, this has created new issues that are costly to resolve, threaten customer loyalty, and carry long-term risk for financial institutions. When exception items are identified and returned in a Day 1 timeframe, their impact on the institution is contained and transparent to account holders.
“Accelerating exceptions processing to Day 1 should be a priority, not just for banks but for the financial industry at large,” said Carl Bortol, president and founder of DSS. “The TRIPS Suite leads the industry in processing exception and return items as early as customers’ infrastructures allow. Extending our integration with CONIX Systems’ Xcept and Dupe Detective products will enable banks to shift more of their typical payment processing exception functions from Day 2 to Day 1, including exceptions related to fraud, error, and duplication.”
Electronic payments have substantially shortened return times, making Day 1 detection even more important to prevent and stem losses from fraud. Migrating exceptions and returns to a Day 1 timeframe will provide a more expedited collection and recovery process that will mitigate financial institutions’ risk and exposure.
CONIX Systems and DSS have a tradition of collaboration dating to the development of CONIX’s Dupe Detective, a system that protects both financial institutions and customer accounts from double postings of payments. Dupe Detective is already in place in such prominent financial institutions as BB&T Corporation and Bank of the West.
About CONIX Systems:
CONIX Systems, Inc. (www.conix.com) is a world leader in providing payment processing software and related services to the financial services industry. The company’s products perform key processing tasks for an estimated 100 billion paper and electronic items each year and handle virtually every aspect of payment processing – including work flow management, exception processing, early fraud detection, and image exchange. CONIX software and services are used by approximately 90 percent of the largest banks in the country.
About Data Support Systems, Inc.:
Data Support Systems (www.datasupport.com) currently counts 26 of the top 30 US bank holding companies as their customers. DSS develops, sells, and supports the industry-leading TRIPS Suite, which is a fully integrated, image-based solution for back office transaction processing. DSS products include solutions for exceptions, incoming and outgoing returns, notification, image exchange, research and adjustments, collections, archive, and web delivery/decisioning. DSS is a privately held corporation headquartered in Omaha, Nebraska.
This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com
SOURCE CONIX Systems, Inc.