Mitigation Monitor™ for check processing is patent pending

The United States Patent and Trademark Office is in the process of examining the patent application for our Mitigation Monitor™. Payment21® has invented a mitigation process that estimates the risk of a real-time payment defaulting or not. Our proprietary Mitigation Monitor™ can be adjusted to industry specific preferences reflecting specific business rules and customers’ check-writing habits. This state-of-the-art fraud prevention solution monitors and rejects transactions from suspicious or abusive users before the Instant eCheck™ reaches the payment system thereby saving merchants money in processing and returned transaction costs.

In addition, Payment21® has developed a Verification Loop™ which works in conjunction with the proprietary Mitigation Monitor™. This customizable verification system applies security settings and velocity limits that mitigate abuse and fraud. Recent customers have experienced a reduction in return rates, taking the figure to below 0.5%. Our Verification Loop™ automatically scrubs each Instant eCheck™ entered into the system and passes the submitted transaction through a range of filters. We use over ten different scrubbing services with more than 150 million records combined in their databases. As a result, our verification and mitigation process proactively fights fraud and prevents users from entering false banking information.Payment21®’s fraud prevention services can tailor business rule settings to set limits for number of wait days on the first check, minimum and maximum deposit amount for a check, and maximum increase on amount from last check. For velocity limits, Payment21® can adjust the number of checks that a customer can submit to the system in the intervals of 8 hours, 16 hours, 24 hours, 48 hours, 3 days, 7 days, 30 days and 90 days. For each time interval option, the proprietary Mitigation Monitor™ (pat. pending) allows merchants to set the maximum total allowable amount on all submitted checks.
Transaction security is a priority at Payment21®. The issue of risk precaution is equally important to us. With Payment21®, merchants can accept ACH or Check 21 transactions safely. 
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