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Electronic Check Processing Made Easy

Electronic Check Processing Made Easy. What is Check21. Best-of-breed, end-to-end solution for electronic check processing Fortis Check21 meets the needs of ANY customers wishing to optimize their check processing that complies with the mandates set for Check21 by the Federal Reserve.

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Electronic Check Processing Made Easy

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  1. Electronic Check Processing Made Easy

  2. What is Check21 • Best-of-breed, end-to-end solution for electronic check processing • Fortis Check21 meets the needs of ANY customers wishing to optimize their check processing that complies with the mandates set for Check21 by the Federal Reserve. • Check21 is a compliance mandate that allows for electronic check clearing. Consumers will no longer receive cleared paper checks back but rather have access to electronic images of checks.

  3. Check21 Target Market • Credit Unions • Banks • Thrifts • A/R Companies • Utilities • Municipalities • Brokerage • Financial Services • Retail • ANYONE who receives a large amount of checks

  4. How Does Check21 Work? Now thru one centralized interface all checks: • Scanned and endorsed • Important metadata automatically captured thru CAR/LAR and MICR parsing (i.e. account and routing number, check dollar amount, check number) • Quality checked – confidence based • Batch uploaded via FTP/FTPS directly to your financial institution or Federal Reserve Bank in an approved x9.37-DTSU 2003 ICL (image cash letter) format • Front and back of check with data is seamlessly imported into Fortis/SE

  5. Fortis Check 21 Supports • Built-in CAR/LAR support • Built-in x9.37 ICL (image cash letter) module • Built-in confidence based QC module to accept check batch • Built-in FTP/FTPS upload mechanism for batch transmit to banking institution • Shared Branch Acquirer (SBA) Support • Auto MICR parsing • Batch total balancing • Electronic endorsements

  6. Electronic Endorsements

  7. Creation of ICL

  8. FTP/FTPS ICL to The Federal Reserve

  9. Fortis Check 21 Supports • Unlimited number of manual defined data entry fields (i.e., payee, date) • Import checks from your clearinghouse • Back-end data validation (i.e., cross-reference scanned check account number with internal CRM/ERP data to auto populate) • Support for Canon (CR-180, CR-55), Digital Check as well as Kodak i6060 and i6090 scanners • Fortis commit driver to automatically import checks and associated check metadata into Fortis repository • Support for back-end check remittance matching

  10. Check21 Process Flow

  11. Check21 Cost Benefits Reduction of HARD Costs • Reduce FLOAT • Savings on items paid one day sooner (Source – Global Concepts): • 5% = $136 savings for $1 million check • Transportation of paper items from branches to check clearinghouse (Superior Iron Range Community FCU - $2,000 per month) • Eliminate manual check imagers and media costs • Eliminate mailing of paper checks back to customer Reduction of SOFT Costs • Streamline check processing procedures • Employee per hour savings - no longer need to physically encode checks • Retain image of check in archive – disaster recovery, audit, etc.

  12. DEMONSTRATION I will be using the Kodak i6090 today

  13. For more on Fortis Check21 http://solutions.westbrooktech.com

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