REAL-TIME AUTHENTICATION, PAYMENT, AND SETTLEMENT
InterComputer’s Trusted Banking solution provides an electronic “trusted path” that enables banks to perform essential payment, messaging, clearing, settlement, and reconciliation functions automatically, in real-time, and with comprehensive insurance coverage for any losses due to cybercrime within our system. All payments made completely through the Trusted Banking platform carry full insurance protection for face amount, third party liability, and business interruption losses due to cybercrime anywhere in the “trusted path”. This solution is, by design, adaptable to any proprietary banking software platform, enabling banks to significantly reduce their overhead costs and offer better service and new, private label banking products to their clients.
Trusted Banking enables banks and other financial institutions to authenticate their on-line customers’ electronic identities and authorities as they enter the “trusted path”. Customers may then send and receive electronic payments and transfers with complete control and certainty over when money leaves and enters their accounts. Customers may also us the “trusted path” to send and receive payments via the legacy ACH system, with insurance coverage for the entire “trusted path” but not for anything that may happen within the ACH system itself. (The ACH system has some significant disadvantages: final settlement of a payment takes a minimum of 24 hours, and some may be repudiated by either party up to 30 days after settlement. As a result, ACH payments are relatively expensive and cumbersome to process.)
Internally, Trusted Banking enables banks to automatically clear, reconcile and settle account debits and credits in real-time, or on a defined batch schedule. The time and expense of the standard clearing and settlement process significantly limits the velocity of funds and, therefore, economic growth. It also erodes the banks’ profit margins. Electronic clearing and settlement offers dramatic time and expense savings over manual methods.
Trusted Banking™ is fully compliant with Reg E and the E-Sign Act, and provides automated compliance with the Gramm-Leach-Bliley and Sarbanes-Oxley Acts.