Image exchange is a process in which financial institutions create the digital images of checks and transmit them in place of the original documents. At a time when transaction speed, data processing, and data storage are some of the top banking concerns at the branch level, image capture for banks is a competitive technology that allows banks to offer important benefits to business customers, such as:
Faster clearings
Improved availability of funds
Improved cash flow
Reduced return risk
Below are steps a financial institution commonly takes to implement a system for processing and transmitting the images of checks.
Form an initiative
Implementing a document scanning system should be preceded by forming an initiative that establishes what the system means financially to the institution. The institution should ask whether the system supports corporate objectives, how it will help the institution save costs and generate revenue, and how business would be affected if the system were not implemented.
Enable check image processing
The next step is to decide whether the system will be located in-house or if scanning needs will be outsourced. If the former option is chosen, the institution must calculate the cost for purchasing, installing, and maintaining the equipment for the system.
Start a cross-functional project team
The project team for implementing the system should be cross-functional. Ideally, it should include a manager who is familiar with image capture for banks and the image exchange process, the manager for item processing, and an IT expert who understands the connectivity and configuration issues associated with the software that supports the system.
Alter workflow operation to accommodate the system
Implementing the system will change the workflow procedure for item processing. Changes that may need to occur include implementing a duplicate image detection program, installing fraud filters to review images, and implementing an image statement program.
Establish a single exchange connection
A single connection that receives image transmittal from multiple capture sites should be established. In addition to simplifying the system, establishing a single connection-in contrast to establishing a separate connection with each partner in the system-allows the system to be implemented faster.
Define processing procedures
Partners in the system must establish the rules and procedures for exchanging information, especially concerning what type of transmission will be supported, where the Electronic Check Presentment (ECP) data and images will be received, and how present sending times and sending volumes will be affected.
Conduct staff training
Staff should be trained for the switchover from a paper processing environment to an image processing environment. Training involves familiarizing staff members with new workflows and training them to use new equipment.
Run tests
Testing the system at least twice over a two-week period is usually sufficient to reveal issues that must be addressed before the partners in the system agree to go forward with the implementation.
Conclusion
Image capture for banks offers several advantages to banks and their customers. To learn more about using image exchange to simplify check processing, consult with a provider of imaged-based financial solutions today.
Faster clearings
Improved availability of funds
Improved cash flow
Reduced return risk
Below are steps a financial institution commonly takes to implement a system for processing and transmitting the images of checks.
Form an initiative
Implementing a document scanning system should be preceded by forming an initiative that establishes what the system means financially to the institution. The institution should ask whether the system supports corporate objectives, how it will help the institution save costs and generate revenue, and how business would be affected if the system were not implemented.
Enable check image processing
The next step is to decide whether the system will be located in-house or if scanning needs will be outsourced. If the former option is chosen, the institution must calculate the cost for purchasing, installing, and maintaining the equipment for the system.
Start a cross-functional project team
The project team for implementing the system should be cross-functional. Ideally, it should include a manager who is familiar with image capture for banks and the image exchange process, the manager for item processing, and an IT expert who understands the connectivity and configuration issues associated with the software that supports the system.
Alter workflow operation to accommodate the system
Implementing the system will change the workflow procedure for item processing. Changes that may need to occur include implementing a duplicate image detection program, installing fraud filters to review images, and implementing an image statement program.
Establish a single exchange connection
A single connection that receives image transmittal from multiple capture sites should be established. In addition to simplifying the system, establishing a single connection-in contrast to establishing a separate connection with each partner in the system-allows the system to be implemented faster.
Define processing procedures
Partners in the system must establish the rules and procedures for exchanging information, especially concerning what type of transmission will be supported, where the Electronic Check Presentment (ECP) data and images will be received, and how present sending times and sending volumes will be affected.
Conduct staff training
Staff should be trained for the switchover from a paper processing environment to an image processing environment. Training involves familiarizing staff members with new workflows and training them to use new equipment.
Run tests
Testing the system at least twice over a two-week period is usually sufficient to reveal issues that must be addressed before the partners in the system agree to go forward with the implementation.
Conclusion
Image capture for banks offers several advantages to banks and their customers. To learn more about using image exchange to simplify check processing, consult with a provider of imaged-based financial solutions today.
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