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Check Imaging Equipment: A Significant Advancement to the Banking Industry

April 23, 2012 | Comments: 0 | Views: 161

Computing and communications technology has allowed many industries to decrease costs, while offering customer improved convenience. Check imaging equipment emerged as a desired technology after the passing of legislation regarding payment processing. The Check 21 Act permitted financial institutions to transmit deposited check transactions as an image file rather than physically presenting the check to their respective clearing bank locations. It outlined the details of what must be included on the image for the file to replace paper handling. An image can be transferred in a matter of minutes, as opposed to the traditional mailing times of one-to-five days. Substitute checks were included as part of this change to allow an alternative option when a banking facility does not support the procedure. The permission to use digital images has helped banks decrease settlement times, eliminate vast amounts of paperwork, cut costs, and improve the security of these transactions. Bank check scanner designs support the needs of back-counter and teller capture practices. They have become an affordable solution due to their provided benefits and a reduced need for other banking equipment.

How are Bank Check Scanners Used for Processing?

Teller solutions offer faster individual transaction completion, minimal errors, and improved security; however, it may entail a higher cost due to the number of needed bank check scanners. Many financial facilities are still implementing batch back-counter imaging as an initial effort to receive the benefits of these devices. Batch back-counter capture is the handling of a group of transactions that have been collected throughout the day and occurs as a back-counter operation. The teller performs initial deposit functions as they always have, and the collected documents are set aside and imaged later, such as at the end of the business day. Teller imaging can also be referred to as transaction processing, meaning each individual deposit is handled at the time of acceptance. Batch methods occur after user interaction has been completed. All paper transactions are scanned, verified, and balanced in one fell swoop through check imaging equipment by a dedicated group of employees.

Where does the image go after it has been sent through the bank check scanner? The captured check images are bundled together into image cash letters, otherwise known as X9.37 files for processing. The file is used to complete necessary settlement practices, and subsequently saved as a reference by the financial institutions. Checks are disposed of in a set timeframe, with customers receiving images of their deposited checks generally only by request and often online. Banks using this technology receive several benefits including limited handling, reduced keyed entries, less paperwork, and elimination of processing costs. Those institutions considering the implementation of check imaging equipment should seek specific qualities before purchasing to make certain daily transaction counts can be accommodated.

Check imaging equipment has eased the settlement processes behind various paper transactions. A bank check scanner can be used to proof and capture the image for faster transmission.

Source: EzineArticles
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