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Authorisation of Cheque Payments

Leveraging ubiquitous mobile technology, Myriad Connect's mobile service enables authorisation of all cheque payments, on any mobile device, to combat cheque fraud and protect banks and their customers alike.

Fraudsters are costing the industry dearly and eroding consumer confidence, so it’s critical that banks implement adequate security measures to mitigate against risk for all stakeholders involved.

Authorisation of Cheque Payments

How the service to authorise cheque payments works

A bank seeks to use a second channel (out of band authentication) to authorise a cheque is being paid to the correct recipient and for the correct amount.

user attempts to add a new payee to a bank account
A bank receives a cheque with an instruction to process a payment on behalf of a customer
Customer is sent notification to authorise
Before the payment is processed by the bank, the customer is sent a notification to authorise the payment, this message includes details relating to recipient, dates and amounts.
Single tap response from user is communicated back
A single tap response from user is communicated back to the bank, while other pieces of information are retrieved to verify the user and run SIM Swap detection.
Bank determines if a SIM swap has taken place
Bank determines if it is the validated customer providing authorisation, so payment can be processed; if the customer declines to have the payment processed an interactive session is initiated.
The Bank can further validate the veracity of the transaction
If the customer has declined to have the payment processed, the bank will interact directly with the customer to determine the next course of action.

Myriad Connect’s service requires no compromise on security, providing the universal reach of SMS, with a level of security beyond that delivered by mobile apps. Myriad hereby provides organisations with an isolated, third party authentication channel on any mobile device providing world-class authorisation, access and authentication services.