Irvine, CA, January 24, 2003:
inFORM Decisions Inc. has just announced several major enhancements to iSeries Positive Pay, one component in their secure eBanking solutions suite for iSeries-AS/400 computers.
Designed initially as an add-on module to inFORM Decisionsâ„¢ iSeries-AS/400 MICR check printing solution called iChecks, iSeries Positive Pay, now in V.4, seamlessly integrates with any iSeries-AS/400-based check writing application. iSeries Positive Pay transmits data on payments directly to a designated bank, which verifies payment and reduces check fraud.
For V.4, inFORM Decisionsâ„¢ developers have also made changes to the way iSeries Positive Pay transmits multiple accounts to a bankÃ¢â‚¬â„¢s computer. With Account Stacking, the product is now able to transmit check data on several different accounts in a single bank transmission. By eliminating the need to reconnect for each different account, bank transaction fees are reduced and the upload process is faster and easier to manage.
iSeries Positive Pay V.4 now supports FTP by means of a secured server. Although bisynchronous communications has been the standard for data transmissions of this type, bisync is limiting. Recently, many banking institutions have begun accepting transmissions via FTP over an asynchronous line, which is far more common in other types of data transfer scenarios. Using FTP frees up the iSeries-AS/400s ECS line, requires less expensive data communications hardware and gives companies more flexibility in how they manage the link to their bank.
iSeries Positive Pay is eBanking software that enables companies to transmit check processing information directly from iSeries-AS/400 based applications to standard bank interfaces with a high level of security and reliability. This significantly reduces the likelihood that a company will fall prey to check fraud because it facilitates a one-to-one correla.
All information pertinent to a check run is saved to a file by iSeries Positive Pay. At a scheduled interval, the product adds to this information a header, trailer and font/layout template. iSeries Positive Pay then calculates totals and transmits this report to the financial institution.
Dan Forster, President of inFORM Decisions says, “According to a top US accounting firm, 500 million checks are forged annually with losses totaling more than $10 billion. Losses to check fraud are expected to grow by 2.5% annually. The law generally allows merchants and banks to seek restitution from the payee, so its important to do everything you can to limit your exposure and liability. That’s what iSeries Positive Pay R.4 does.” Forster further comments, “If a bank or merchant’s own failures contributed to a forged signature or alteration then responsibility lies with them.
iSeries Positive Pay can be licensed for any iSeries-AS/400 model/processor configuration for $3,000, which includes assistance with configuration and testing. inFORM Decisions offers evaluation copies of iSeries Positive Pay free of charge. Software and documentation can be downloaded from http://www.informdecisions.com
. For an evaluation copy on CD call inFORM Decisions at (800) 858-5544 or forward your request via email to inFORM Decisions at email@example.comAbout inFORM Decisions, Inc.
inFORM Decisions develops leading edge automated and secure electronic check, epayment and form systems for iSeries-AS/400 and NT Client-Server environments. These solutions integrate seamlessly with existing applications and dramatically reduce material and labor costs for their clients worldwide. inFORM Decisions develops their products with modularity in mind and delivers systems that are tailored to a client‘s needs.