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Check Imaging Systems

Take advantage of improvements and efficiencies made possible by Check 21.
The Check Clearing for the 21st Century Act (Check 21) came into effect in October of 2004 and made the possibility of check truncation and electronic check exchange a reality. The creation and authorization of a new negotiable instrument called a "substitute check" is the key in a new, more efficient and less costly way of processing payments. Substitute checks, also known as Image Replacement Documents (IRDs), are the legal equivalent of original checks and include all the information contained on the original checks. They permit banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks.

With the changing landscape of payment processing, just about any type or size business that processes checks can now seize the opportunity of electronic check presentment to improve customer service, reduce fraud, accelerate cash flow, lower costs and increase efficiency of check processing. The stage is now set for checks to clear-and money to be moved-in a matter of hours instead of multiple days.

Benefits of a check imaging solution:
  • Increased operational efficiencies due to elimination of steps like physical mailing/transport time, and manual data entry
  • Faster cash flow
  • Better customer service
  • Earlier fraud detection
  • Reduced fees for things like couriers, express mail, etc
  • Lowered risk of human error due to less handling
  • Greater security and accuracy
A check imaging system integrates check scanners, software and services to create a total solution that gives virtually every business greater control over the time and cost of processing checks.

As Figure 1 from Kodak illustrates above, check imaging solutions eliminate time-consuming steps of the payment process. First, the latest check scanners with MICR readers are used to scan checks upon their receipt. Once image quality is ensured, the original checks can be truncated from the process. All of the data from the original check along with the image are then sent electronically to the proper bank or financial institution for processing and settlement. Because checks no longer have to be physically transported from the point of receipt through a manual workflow process, money is able to be moved the same day, which greatly speeds cash flow from days to hours. And that's business critical-no matter what business you're in.

Contact IDT to learn more today!

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