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.

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Take Advantage of Check 21:

The passage of Check 21 legislation brought promises of an evolving financial payments environment that would ultimately lead to tremendous cost savings. This would be accomplished through the electronic clearing of transactions via images rather than the movement and processing of paper.

Electronically Exchange Image Cash Letters:

Using Remote Cash Letter Exchange, banks and credit unions can now afford to electronically exchange image cash letters with the Federal Reserve Bank (FRB), other banks, and exchange partners, saving significant costs in courier fees 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 FRB 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 systems.

Simple and Efficient:

The solution includes pre-configured software, online training seminars, and  24/7 customer support. Implementation is simple and there is no negative impact on existing operations. Bank ‘s can operating the solution in a few short days.

Benefits:
  • Reduces courier expense
  • Eliminates proof-encoding
  • Extends cut-off windows and improves overall efficiency
  • Bank receives X9 files
  • Process using existing downstream systems and procedures

Remote Cash Letter Exchange Features

  • In production since 2003
  • Currently processing over a billion dollars a day in transactions
  • Over 5000 capture location implemented at both regional and community banks
  • Scalable
  • Takes less than a day to learn the functionality
  • Windows® operating system application that with a step-by-step process
  • The merchant needs a PC and an internet connection
  • System uses a low-volume scanner and takes only a minimum of desktop space
  • Both long and short style checks may be used, deposit slips are optional
  • Provides duplicate detection at both item level and file level
  • Provides user prompts and notifications to help ensure corrective action is taken
  • Notified of the deposit status is immediately after the bank receives the deposit
  • Produces X9 image cash letter file ready for transmission to an exchange partner
  • Integrated into the FRB required protocol for file transmission
  • Designed for both smart and thin client environments or both versions