DENVER - First Data Corp. subsidiary TeleCheck Services Inc., a leading check acceptance company, released a new tool to combat check fraud and reduce merchant risk - the TeleCheck Live Verify service - a patent-pending, check-processing solution for large retail chains.
"We identified a need among large retailers to authorize check transactions with our neural networks, transaction scoring and real-time information in a package that could address the specific challenges they face at the point of sale," said Bruce Dragt, senior vice president of check strategy for First Data and TeleCheck.
The Live Verify service provides merchants with real-time negative database information for all transactions, while offering advanced adaptive decisioning tools for the higher risk transactions. The ability to differentiate those transactions allows TeleCheck to offer real-time check processing in an economic model that is practical for large national retailers.
According to a news release, Live Verify is the first hybrid service of its kind available for merchants that process high volumes of transactions.
