Who We're Watching: Harland - Making Checks Better
Whenever we start thinking that the world of checking is coming to an end, we learn about a new initiative that is making checks better. Glenbrook partner Carol Coye Benson was briefed last week by Harland on their new Validify solution to combat identity theft and check fraud.
Here's Carol's report:
Scott Hansen is the Vice President of Marketing for Harland Financial Solutions. He can be reached at scott.hansen@harlandfs.com or 407-804-6602.Validify has the kind of infrastructural approach we like to see, and fits in well to an increasingly distributed checking environment.
We're particularly impressed with the concept that the fraud checking feature (which relies on a 2D bar code containing a code which represents the signature and other key data) can be used at multiple points along the check presentation chain.
At a minimum, the check writer's bank could use it as a form of signature control. But the same process could also be done at a teller's window or a merchant. We also like the visibility of the fraud control feature. Consumers may not understand it, but we suspect they will like this idea.
Glenbrook's view: with ARC continuing to grow, and remote deposit capture taking off like nobody's business, maybe we'll be cashing checks for a long time to come!
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