Dormant accounts (usually checking or savings accounts) are those that have had no activity for a lengthy period.
Dual control involves putting into place checks and balances that prevent employees from committing theft, fraud, or other actions that would negatively impact an organization.
Duplicate Check Fraud occurs when a fraudster intentionally deposits the same check multiple times, either by submitting it to different financial institutions or using various methods to process the same check more than once.
In banking, the term “early capture” describes situations in which documents are gathered into a standardized format sooner than typically required.
An electronic lockbox is a fully automated service that allows businesses to receive and process payments electronically.
Enterprise Content Management (ECM) in banking refers to the strategies, technologies, and tools used by financial institutions to capture, manage, store, preserve, and deliver content and documents throughout their lifecycle.
Entity documents are used by banks for several purposes, such as verifying that a business or organization exists; ensuring that necessary documents have been properly filed by the entity; determining which individuals have the authority to establish an account or apply for a commercial loan on behalf of the entity.
eSign in banking involves the use of technology to collect and embed a customer’s digital signature into documents, such as forms that are needed to establish a deposit account or consummate a loan.
When it comes to ECM (enterprise content management) technology, an event-driven workflow automates downstream processes based on the occurrence of certain actions.
An exception in banking refers to any item that requires attention because it does not meet certain predefined requirements.
Financial institutions use exception categories to classify their exception data into easily understandable groups.
Exception comments provide additional context for understanding the circumstances and activity that pertain to a bank’s exceptions. Exception comments can be collected in a variety of ways ranging from handwritten notes to spreadsheets and software.