Duplicate Tranaction Detection

Duplicate Transaction Detection in Braid prevents unintended duplicate payments, ensuring transaction accuracy and operational efficiency. Managed at the Product level, this feature, called duplicatePaymentDays in the product configuration UI and API, allows financial institutions to apply tailored controls to specific customer groups and account types.

Product-Level Duplicate Transaction Detection

Configuring the duplicatePaymentDays setting at the Product level is a strategic approach that extends beyond simple transaction processing. It enables institutions to create targeted controls for different customer segments, supporting tailored risk management and optimized operations.

How Product-Level Duplicate Transaction Detection Enables Group Management

Segmentation by Customer Type

• Business vs. Individual Customers

  • Business transactions, like bulk payroll or vendor payments, require rapid processing and are more prone to duplicates due to volume. Individual transactions, such as personal wires, have lower volumes but involve higher amounts.
  • By configuring duplicatePaymentDays at the product level, institutions can apply different settings for each customer type. For example, a shorter detection window can be used for business ACH products to catch bulk errors quickly, while a longer window can be applied to individual wire transfers for flexibility.

• High-Risk vs. Low-Risk Customers

  • High-risk customers, like new businesses with limited transaction history, may require stricter duplicate checks, while established customers can benefit from smoother transaction flows.
  • Product-level settings allow tighter controls for high-risk customer products while providing seamless experiences for lower-risk groups.
• Alignment with Account Types
  • Transactional Accounts: High-volume accounts, such as payroll or accounts payable, benefit from shorter detection intervals to catch duplicates quickly.
  • Savings and Investment Accounts: With fewer but higher-value transactions, longer detection windows prevent false positives while maintaining transaction security.

• Grouping and Hierarchical Controls:

  • The duplicatePaymentDays setting can be grouped at the product level, applying consistent controls across similar customer or account segments:
    • Institutions can apply the same detection rules to all business ACH products for uniform behavior across segments.
    • Similarly, wire products can have grouped settings to manage duplicate detection for different customer classes, such as high-net-worth accounts or corporate treasury accounts.

Benefits of Product-Level Management

• Precision in Risk Management: Product-level controls ensure that the right level of scrutiny is applied, minimizing unnecessary manual reviews while enhancing security.
• Scalability Across Products and Customer Groups: As institutions expand offerings, the duplicatePaymentDays setting ensures uniform risk management and transaction integrity, supporting growth.
• Enhanced Compliance: Product-specific controls support rigorous compliance for high-risk customer segments while maintaining flexibility for others.
• Strategic Differentiation: Tailored controls enhance transaction accuracy, positioning the institution as a reliable partner that understands customer needs.