Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

In banking, the phrase “back counter” usually refers to activities that are completed when a customer or member is not present. One common back-counter workflow involves the collection and batch processing of multiple payments.

Payment Workflows Handled Through the Back Counter

A bank or credit union may have multiple back-counter processes that must be performed on a regular basis. When it comes to payments, for example, some checks may require processing by back-counter teams. Here are two possible reasons why:

Checks arrive through the mail: Despite the widespread use of mobile banking and online check deposit, some organizations and individuals still make deposits via the U.S. mail. Customers and members expect timely processing of deposits made through the mail, which means financial institutions must regularly check for, collect, and process mailed-in payments.

Some financial institutions avoid teller capture: Not every bank or credit union wants its tellers involved with check scanning and fraud detection. The theory goes that tellers’ primary focus should be on ensuring excellent account holder service. In this model, checks are retained for back-counter processing.

Back-counter tasks may be completed by a variety of team members depending on the financial institution’s workflows and processes. Accounting, operations, mail room, and other back-office staff could be involved.

Back-Counter Technology

To ensure efficient processing of payments through the back counter, financial institutions need reliable software that:

  • Offers an intuitive user interface for back-office staff
  • Makes it easy to scan multiple deposits in a seamless workflow
  • Ensures accurate balancing
  • Routes payments to the next step in the workflow

Alogent’s back-office processing solution is an example of such technology that’s designed for the needs of back-counter teams.

Resources for the Back Office

Brush up on additional banking terminology or visit Alogent’s Innovation Hub for case studies, infographics, videos, white papers, blog articles, and other helpful resources.

 

Explore more resources

Alogent Shield+ Datasheet

Check fraud poses a significant challenge for financial institutions, leading to substantial costs and risks for account holders. As fraud tactics continue to evolve, banks and credit unions must be proactive in protecting their assets and maintaining account...
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Alogent Shield Datasheet

As check fraud becomes increasingly complex and costly for financial institutions, finding a universal solution is more challenging than ever. With rising threats across all deposit channels, no institution is safe—just one successful attack can lead to...
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