MavBridge Software Automation Helps Catch Fraudsters and Recover Over $7M
Mavro Imaging, a leading provider of lockbox, remittance, and forms processing software, recently completed a new system implementation at Con Edison, a large public utility, located in New York. The system is situated at the Con Edison processing facility and handles over 10 million paper check and EFT payments per year.
As part of the installation, Con Edison challenged and closely collaborated with Mavro to automate as much of the system as possible and to capture key data that could be queried to reveal anomalies in payment patterns. The objective was to improve efficiency and detect fraudulent activity. The results of the combined Mavro / Con Edison team’s efforts exceeded expectations.
As described by Frank D’Amadeo, Director of Treasury Operations at Con Edison, “It’s been quite remarkable, and having Mavro automate key areas of the system that were previously manual was particularly important. Combined with data analysis, the system revealed some striking irregularities. In fact, a series of detected variances pointed directly to fraudulent activity.” Notably, this discovery has since led to the arrest and conviction of multiple individuals and a judgment for over $7M.
In addition to fraud monitoring, the MavBridge Software has provided a much higher level of efficiency over the previous system. According to D’Amadeo, “The Mavro system allowed us to eliminate small organizational silos that did manual processing for things such as ACH transactions, bank check returns, reconciliations, correspondence processing, and accounting functions and to do everything automatically within one highly-capable platform.”
The power and expandability of MavBridge makes sense for many organizations. “However, the real key to success is working as a team and pushing boundaries,” expressed George Hayduchok, Mavro President. “It’s very apparent that everyone at Con Edison is dedicated and interested in using the system’s capabilities to make their operation as efficient as possible and provide the best possible service to their customers. We are especially thankful for the opportunity to partner with them.”
Available only from Mavro, MavBridge for Utilities and MavBridge for Lockbox are extensive product suites that focus on optimizing processing for these demanding applications. For more information about Mavro’s solutions for utilities, lockbox operations, and service bureaus, visit our website at www.MavroImaging.com.
Mavro Imaging provides end-to-end remittance processing, forms, and document imaging solutions. Mavro’s services range from complete system design and implementation to consultation for improved operational efficiency.
Mavro Imaging’s approach is based on gaining a full understanding of a customer’s needs. In turn, the Mavro solution team presents a wide range of possible processing and configuration options. The result is a combined Mavro / Customer team collaborating to optimize and implement the best possible solution.
A collaborative approach, exceptional service, and innovative technology. That’s the Mavro Advantage!
For more information, visit info@MavroImaging.com or www.MavroImaging.com.