Benefits of check imaging
The benefits of check imaging are, not surprisingly,
related to money, time and efficiency. Which of these benefits
would help you the most?
Save money
- The closer to the beginning
of the check clearing process that paper leaves the process,
the greater the benefit of reduced costs. What costs? Courier
transport. Multiple passes of checks. Sorter wear and tear.
Consumables. Operator expense. Operator error. Research time for adjustments.
Collection cycle expenses. Float expense. Return item expenses.
Check write-off loss. Day Two expenses as items move to Day
One. Item collection costs.
Improve response time and accuracy
- Faster access to archived check images facilitates processing and allows timely answers to customer inquiries.
Reduce risk of fraud
- The sooner a problem is detected,
the less hassle and expense is involved in solving it.
Simplify check processing
- The fewer the people handling
checks, the more the opportunity for operator error and check
loss is reduced.
Improve services
- Imaging allows for greater flexibility
in information storage and retrieval, which enables banks to
improve and increase services.
Replace microfilm
- The use of electronic check
processing supports a simpler, better way to access, store,
index, retrieve, and distribute information about an individual
check.
Convert to image accounts
- Paper checks may be destroyed
at some point in the check clearing process, making it impossible
for banks to return paper checks to account holders.
Increase functionality and income
- Check imaging adds positives to the bottom
line as well as reduces negatives. Increased fee income. Increased
demand deposits. Increased short term lines of credit. Increased
dependability over courier delivery. Credits and fees for dollars posted early.
See also
Contact us for more information.
