Financial Solutions for Banks and Credit Unions

Financial legislation is expected to improve the efficiency of the nation's payment processing system by allowing banks to exchange checks electronically. In fact, in order to encourage the financial services industry to move in this direction, the Federal Reserve has issued a set of deadlines which will hasten this conversion to the electronic era.

All checks and payment notifications that the Fed sends to your bank or credit union will be via Fed Receipt. It is projected that by the end of 2010, the Fed will stop accepting paper forms of check. When the Fed implements these guidelines, all financial institutions will be required to be online with the Fed Forward electronic check processing method, or Check 21.

Imagex has a wealth of experience implementing and supporting Check 21 solutions for banks and credit unions. We understand the financial services industry, and we understand how to best tailor our products to your needs. We work with a package developed by C&A Associates, Benchmark Technologies Group, and AQ2 whose Check 21 solutions are among some of the most highly lauded in the country.

C&A's Check 21 Express Package offers an out-of-the box, rapidly deployable solution that can make your transition from paper check processing to the electronic era seamless and smooth. The product suite allows financial institutions to exchange electronic cash letters with images directly to the Federal Reserve. This eliminates the need to encode and courier outbound checks, which can significantly cut costs.

Remittance Processing

The Imagex Remittance Processing System (RPS) is an automated system for remittance data. RPS primarily transforms the records transcribed by the Lockbox Banks and Integrated Submission and Remittance Processing (ISRP) system into the prescribed format for Generalized Mainline Framework (GMF) mainline processing. The system performs error flagging, creates deposit reports and generates master control records used in Service Center Control File processing for each deposit.

For financial institution customers, our Remittance Processing System provides the ability to receive payments, apply them to the payer’s account, and deposit their checks. Remittance Processing Services ease the administrative burden in processing customer payments and allow customers to take care of processing payments. Further, our system eliminates the costs associated with picking up customer payments from the post office and processing and depositing them.

At Imagex, we are software agnostic focusing on the right technology for you. Whether you are web or client-server based, we can help your organization reduce costs and speed up payments.