Brochure

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Float benefits occur when funds become available fast for banks. Before Check 21, it could take several days for checks
to clear—they “floated” during this time, and the banks did not have the funds collected yet. With Check 21, the check
is cleared in a faster time, which provides greater funds for them to provide to lenders, gaining profitability.
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S
treamlines the electronic collection and processing of checks, reducing and preventing potential human errors
and fraud that could happen during the physical handling and transportation of checks
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R
edu
c
es costs associated with paper handling, transportation, labor, and operations, including return processing
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Enables banks to move toward 24/7 real-time operations
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With Check 21, banks can now truncate checks with or without prior agreements to exchange electronic check data with
other
b
anks. For those banks or customers requiring physical checks, the banks can create and provide substitute
checks, also called Image Replacement Documents, or IRDs, instead. The banking industry has estimated significant sav-
ings from the truncation of checks, even at the cost of generating substitute checks.
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Remote deposits overcome geographic limitations and greatly expand the market that a bank can serve, offering
opportunities for increased services and market share.
CAR/LAR, OCR, Signature Verification, and Image
Quality/Usability Recognition Applications - These
applications automatically read and analyze handwritten
or printed information contained in checks or other bank
items, such as courtesy and legal amounts, address,
date, payee, MICR codeline, and signature, to help
minimize manual process for data entry, verify information
against fraud, or assure the overall legibility of check data
for Check 21 standards.
Check Cashing Services - Check cashing offices cash
payroll checks and accept utility bill payments and other
check types, such as government-issued or insurance
checks. Check cashers can leverage imaging technologies
to electronically transmit check deposits to their correspon-
dent bank in order to eliminate courier fees, facilitate faster
exchange of funds, and identify fraudulent items sooner.
Microfilm Replacement - Replace microfilm with check
imaging, archival, and storage applications that capture
check images together with MICR data. This process improves
the traditional and inefficient way microfilms are developed,
handled, and searched to retrieve analog check images.
Additional Applications
Benefits of Check Imaging for the
Banks and Financial Institutions
Tax Collections - By scanning incoming tax payment checks
daily, municipalities and accounting offices can significantly
reduce costs associated with additional labor required for
the busy tax season. Transforming this traditionally manual
process to an electronic one ensures accurate balancing and
cuts down on the time required to process deposits.
Teller Automation - Applications integrate the image
capture, data entry, balancing, and transaction acceptance
of check processing into a financial institution’s teller
system. This eliminates redundant manual data entry,
often thanks to the industry’s latest recognition technolo-
gies such as OCR, ICR, CAR, and LAR.
Web-Based Solutions - Applications that provide the
financial industry with online, Web-based imaging
solutions for image processing and viewing checks
and associated documents based on an in-house or
outsourced Web-enabled image exchange infrastructure.
Additional applications include CAR/LAR/OCR recognition,
check cashing services, microfilm replacement, tax
collections, teller automation, and Web-based solutions
offered by financial institutions.