i3G Announces Industry Launch of Duplicate File Notification System: September 2009
While duplicate files and duplicate processing has always been an exception issue in check processing, with the advent of check image exchange among banks, when a duplicate happens, it has more extensive consequences. Most operational experts agree, that while duplicate file events will never completely be eliminated, the industry needs a standard approach for duplicate handling that minimizes customer impact and provides a consistent way to quickly resolve duplicate events.
i3G's approach to more efficient duplicate event resolution:
- Encourage all industry processing players to check for duplicates on transit and on-us items
- Create a duplicate event notification system for the industry
- Discourage the use of return channels for duplicate resolution (encourage use of adjustment channels)
The i3G team has recommended the following industry actions to be taken:
- Remove minimum adjustment amounts for duplicates
- The Federal Reserve will be making changes to their minimum adjustment in 2009
- Provide immediate credit entry to all duplicate adjustment requests within 90 days of cash letter date
- The Federal Reserve will be making changes in 2009
- Institute a Duplicate Notification System: Current under pilot (single source/large duplicate incident)
More information to come on the duplicate pilot in the near future.