Pay By Touch has launched Paycheck Secure which is a biometric check-cashing service that can help banks and credit unions generate additional non-interest fee-based income while decreasing the risk of fraud and meeting regulatory compliance requirements.
Paycheck Secure service lets people cash checks using a simple finger scan to authenticate their identity and has been proven to drive an increase in check cashing volume in retail settings, while decreasing write-offs by 75 percent as compared to other check management solutions.
It has the power to help financial institutions streamline branch handling of 'on us' and 'non- bank' checks, reduce the risk of fraud and support regulatory compliance through OFAC screening and SAR and CTR reporting.
The Paycheck Secure service can also help banks and credit unions reach the more than 45 million 'underbanked' consumers(2) who are presently underserved by financial institutions.
According to the Center for Financial Services Information (CFSI), this group represents 40 million households and spends $10.9 billion per year on 324 million alternative financial transactions.
A 2006 study by BearingPoint and Visa reveals that the underbanked generate $1.1 trillion in income.