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Article: Northern Trust Pilots Check Bar Code Software.(Brief Article)
- Article from:
- American Banker
- Article date:
- May 14, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Northern Trust Co. is testing an enhancement to its positive pay service for corporate checks: an encrypted bar code containing payment information that can be used to deter fraud.
There are other software products on the market that embed payment data in bar codes, but Northern Trust executives say they favor the approach used by Fiserv Inc.'s software, which conceals the data grid within a graphic on the check.
"We're moving into active pilot" involving four or five corporate customers, said Donald E. Berk, a senior vice president at the Chicago-based Northern Trust. "We're going through testing now to validate the technology," to assure that the bar ...