X9 Webinar| Identifying Remotely Created Checks
Recent estimates indicate RCCs flowing through the payments system number in the millions. The remotely created check, or RCC, is defined in state and federal regulation as a check that is not created by the paying bank and does not bear a signature applied by the person on whose account the check is drawn. While these are useful payments options, RCCs may be vulnerable to fraud because they do not bear drawer’s signature and may not have easily verifiable indication of authorization. Do you know if your institution is processing RCCs? If so, are you seeing any fraud associated with these unsigned drafts? Join this session and learn about the External Processing Code (EPC) defined in the X9.100-160-2, how to use this when creating RCCs and how to monitor these payments flowing through your institution.
• Ellen Heffner, Director – ECCHO, a service of The Clearing House
• Mark Kielman, Operations Director – RPO Federal Reserve Bank – Atlanta
• Jackie Pagan, VP – Regulations, Standards, & Industry Relationship Manager; JPMorgan Chase