Payee Name Verification (PNV)
Payee Name Verification (PNV) provides payee verification to positive pay systems. Orbograph recognition technologies are applied to match payee names (and address when available) on a check with customer issue file names. The result is a sophisticated technique to minimize risk for financial institutions and your corporate customers.
PNV is activated when business customer upload the payee name field within a daily issue file to the financial institution. Once check images are created at the bank of first deposit and cleared at the paying bank, the positive pay application presents the check images to Orbograph PNV for analysis. Suspected payee alterations are identified and presented to operators for pay/no pay decisions.
Benefits to Using Orbograph PNV include:
- 85 - 99% successful match rate with optional data scrubbing for more efficient turnaround for customer review
- Proprietary Automatic Layout Recognition (ALR) technology eliminates the need for specific payee document definitions and delivers superior “off-the-shelf” results
- Support for varying business check fonts and layouts without having customers redesign their checks
- Shared technology platform with Orbograph IQUA, CAR/LAR, APEX, and Automation Services solutions, enabling you to maximize the ROI on your hardware investments
- Added value-add functionality in conjunction with image integrity testing
- Integration with merchant capture solutions for remote deposit payee to reduce risk exposure
- Support for multiple document types – including IRDs (substitute checks)
- Increase flexibility by implementing within Day 1 or Day 2 workflows (and even Day 0 for teller capture)
“PNV in conjunction with positive pay is a strong deterrent to criminals and is a strong risk management tool. The trick is getting the issue file data, however once available, financial institutions can fully leverage the benefits of matching this data to the check image.”
- Yaron Katzir
Orbograph Product Manager