STRATEGIC PARTNERS
December 6, 2001
WASHINGTON, D.C. -- The American Bankers Association has endorsed FraudLink-PC, Integrated Cash Operations Modules (iCom) and ReserveLink, three Carreker Corp. (NASDAQ:CANI) products designed to help banks fight exposure to fraudulent deposit and check activities as well as reduce cash inventories and reserve requirements.
The ABA endorsed the products after a due diligence review by its subsidiary, the Corporation for American Banking. According to a news release, the due diligence process addressed many organizational factors, including financial soundness, marketing capabilities and customer service standards, as well as a product review and analysis. In addition, CAB employed Alex Sheshunoff Management Services to provide an independent review.
FraudLink-PC, which includes deposit and on-us components, offers a fraud detection solution for community banks, which are experiencing increased instances of check fraud, according to the release. In fact, according to ABA's 1999 Deposit Account Fraud survey, the proportion of community banks experiencing check-related losses increased from 49 percent in 1997 to 67 percent in 1999.
FraudLink Deposit allows banks to detect potentially fraudulent deposit transactions using bank-set rules and parameters to identify criminal trends while comparing the information with account holders' established deposit history.
FraudLink On-Us detects potentially fraudulent on-us paper and electronic checks by analyzing and comparing check writing and deposit patterns with account history to bank rules, pinpointing the most likely suspicious activity. FraudLink On-Us has been installed at more than 60 banks and has a detection record of identifying 65 to 80 percent of fraudulent on-us items, according to the release.
The iCom solution uses demand-based inventory management and forecasting technology to determine the optimal cash order and shipment amounts for individual bank offices, ATMs and transportation providers. According to the release, iCom reduces cash inventory by 20 to 40 percent. Additionally, iCom is the only Internet-based, enterprise-wide cash inventory management tool on the market and can be adapted to handle non-cash activity for
ATMs and branches.
ReserveLink is a multi-platform software product that allows financial institutions the opportunity to sweep transaction account balances (share draft accounts) to non-transactional accounts in order to reduce reserve requirements and maximize investment opportunities. ReserveLink has been installed at more than 200 financial institutions since its release in 1995 and counts among its users six of the top 10 savings banks as well as six of the top 10 commercial banks, according to the release.
"We are extremely pleased to have ABA's endorsement, which confirms that our products can help banks of all sizes improve their operations and customer service," said J.D. "Denny" Carreker, chairman and chief executive officer of Carreker Corp.
