OVERVIEW Financial institutions, banking offices, credit unions, merchants, and other intermediaries are adopting new methods for processing check payments and deposits as a result of the Check 21 Act. The Check Clearing for the 21st Century Act, or Check 21 Act, was signed into U.S. law on October 28, 2003. Designed to foster innovation in the American payments system, Check 21 enhances efficiency by reducing many of the legal impediments to check truncation.
Canon’s CR-Series Check Transports have been tested for compatibility with many of the industry’s leading Check 21 solution providers. This is a compatibility list that is consistently being updated. For the most current list, please visit Canon U.S.A.’s Web site at www.usa.canon.com, and click on the CR-180 or CR-55 product page to find the listing. Compatibility Table COMPANY PRODUCT CR-180 Advanced Financial Solutions, Inc.
Check 21 Workflow Applications Check 21 facilitates check truncation by creating a new negotiable instrument called a substitute check or Image Replacement Document (IRD) that permits banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks. The following illustrations describe four current check payment trends in the U.S.
GLOSSARY Automatic Clearing House (ACH) - Networks in the U.S. used to clear electronic high-volume, low-value payments. Encode - To place magnetic ink characters on the face of an item. Usually refers to the dollar amount. Application Service Provider (ASP) - A service provider will actually host a remote deposit application for a bank.
Additional applications include CAR/LAR/OCR recognition, check cashing services, microfilm replacement, tax collections, teller automation, and Web-based solutions offered by financial institutions.
CR-180 and CR-55 Check Transport Compatibility Listings The following companies are listed in the compatibility table. The descriptions provide additional information about their solutions and a Web address to learn more. Advanced Financial Solutions (AFS), a Metavante company, delivers high-quality, imagebased check processing solutions to the financial services industry. AFS was one of the first companies to offer image-item processing technology based on the Microsoft® Windows® .
Automated Systems, Inc.’s Insite Banking System Check Imaging application provides the necessary design autonomy and imaging capabilities to address customer demands and enable improved functionality with the Insite Banking System core application. The Insite Check Imaging solution is a powerful image-enabled item processing solution.
Carreker addresses the challenges of Check 21 with its Source Capture suite of applications for distributed image capture. Source Capture, using image scanners like the Canon CR-180 and CR-55 devices, will allow banks to take the image capture process out to the original source of items, such as corporate/merchant locations, bank branches, bank cash vaults, at an ATM, or at a point of sale.
With more than 5,500 installations and tens of thousands of users in over 50 countries, DocuWare’s worldwide network of independent authorized reseller experts are bringing its solutions to customers around the world. DocuWare is an Integrated Document Management software solution that can automate business processes by managing any type of document, regardless of format or source, in a central document pool—with just one search, users have access to all documents related to a business transaction. www.
Integrated Financial Systems’ OdinCheck-21 effectively replaces check microfilming and offers Check-21-related features for remote item capture, while providing substantially robust database-driven item research capabilities. Combined with the speed, durability, and other features of the Canon CR-180 Check Scanner, OdinCheck-21 offers exceptional value and performance as a Check-21-oriented microfilm replacement solution. www.i-f-s.
Nw Bank Technology is a provider of check imaging solutions for banks and credit unions. NwBT’s branch capture solution using the Canon CR-180 device can perform remote capture and transmit functionality. Item capture, CAR/LAR, Visual Data Entry, reject/repair, and balancing functions are all available using the Canon DR-Scanner Series of desktop of scanners. www.nwbt.
SortLogic delivers products across the check processing spectrum—from remote deposit capture and image exchange to 3890/XP emulation and in-line repair for institutions of all sizes. This provides the ability to integrate the right mix of component technology into a Check 21 enterprise for more connectivity, tighter operations, and IT integration. www.sortlogic.com TurboTransactions, Inc.
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