EmagineNET provides innovative software solutions to over three million check-cashing businesses that are looking to minimize financial risk. When an independently owned store offers to cash a customer’s check, they face the danger of encountering either a check that’s fraudulent, a stop account or a fake issue from the U.S. Treasury. EmagineNET helps these stores by providing them with software that assesses the risk of the transaction.
But with so many of their customers receiving checks from members of the underbanked population, EmagineNET couldn’t look to the credit file data that’s traditionally used by banks to manage risk. What they needed was a more accessible form of identity data that could determine if the name on the check matched the rest of the information provided by the check holder.