The requirements of check cashing companies are changing rapidly because of evolving banking relationships and current economic conditions.
Dale Williams, president, Teletrack

Teletrack, a leading rent-to-own industry provider of risk management solutions, introduced RevealCheck, a tool for check cashers that provides quick, easy and affordable access to check cashing history and identity risk information.

The check cashing industry has been experiencing increased fraudulent and bad check activity due to economic conditions and limited access to cost-effective, relevant data sources and tools. After much research, Teletrack developed a solution to help check cashers make better decisions to cash checks without eroding profits.

"The requirements of check cashing companies are changing rapidly because of evolving banking relationships and current economic conditions," said Dale Williams, president of Teletrack. "RevealCheck provides a single point of access to check cashing history, bank validation and phone look-up to verify presenter and maker status. This important information helps businesses cash all types of checks, not just payroll or government issued checks."

For less than a dollar per transaction, RevealCheck provides automated bank validation, maker and presenter phone look-up, as well as industry-specific check cashing history for both the maker and the presenter. The service offers Social Security number validation and other fraud identification tools to assist check cashers with presenter identity verification.

An Office of Foreign Assets Control (OFAC) Activity Report is also included, making it easy to comply with OFAC regulations. Plus, Teletrack leverages its vast source of demographic records to provide even more in-depth information to assess risk.

Using RevealCheck is simple and requires minimal training time. After the check casher scans a check and keys in the maker, presenter and check information provided at the point-of-sale, an easy-to-read RevealCheck report appears on screen within seconds. The report highlights key information at a glance, calling attention to items that may require further review before a check is cashed.

Check cashers can easily determine the level of risk associated with the bank account represented on the check; identify possible issues as to the maker’s previous check cashing activity; verify that the phone numbers given are accurate and detect differences between the presenter information submitted and the information already in the RevealCheck database for identity verification.

"Check cashing employees no longer need to make confirming phone calls or check several sources for identity verification, bank validation or phone confirmation," said Williams. "This helps improve service quality and time, leading to satisfied, repeat customers while helping to reduce losses, increase revenue and evaluate risk."

The information provided in the RevealCheck report also helps check cashers deploy more systematic and data driven fraud prevention and risk evaluation strategies to complement the skills of their employees, thereby greatly reducing check fraud due to errors when following longer manual processes and procedures.

Teletrack is currently working with early adopters to develop the RevealCheck database and test the product. They are also helping early adopters integrate RevealCheck into their current point-of-sale (POS) system through an Extensible Markup Language (XML) interface, revise company policies/procedures and train employees.

Those interested in learning more about RevealCheck are encouraged to visit www.RevealCheck.com and call Teletrack at 1-800-729-6981 to schedule a product demonstration.