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Remote Cash Letter Exchange 

Using Remote Cash Letter Exchange, banks and credit unions can now afford to electronically exchange image cash letters with the Federal Reserve Bank, other banks, and exchange partners, using an exchange platform that works seamless with existing systems.

 

Remote Cash Letter Exchange allows traditional paper cash letters to be scanned and electronically transmitted to the fed and other exchange partners. In turn, cash letters can be received, allowing image exchange files to be processed or IRDs to be printed and processed by the institution’s standard system.

 

Remote Cash Letter Exchange highlights include:

• Reduced courier expense

• Eliminates proof-encoding

• Extended cut-off windows and improves overall efficiency

• Processes using existing downstream systems and procedures

• Produces X9 image cash letter file ready for transmission to an exchange partner

• Provides duplicate detection at both item level and file level

• Provides user prompts and notifications to help ensure corrective action is taken

• Integrated into the Federal Reserve Bank required protocol for file transmission