Articles
Nearly 100 Credit Unions Employ EasCorp's eDeposit And A2iA CheckReader To Electronically Process More Than Three Million Checks Monthly
March 4, 2008
•Case Study: Nearly 100 Credit Unions Employ EasCorp's eDeposit And A2iA CheckReader To Electronically Process More Than Three Million Checks Monthly
The Check Clearing for the 21st Century Act, commonly known as Check 21, made it possible for banks and credit unions to transmit check images electronically to the member's institution for clearing, processing and settlement. Credit unions wanted to take advantage of the potential that Check 21 offered by harnessing the efficiencies that would be gained by replacing the traditional paper-based check collection process with electronic transactions. Additionally, banks and credit unions were incurring significant transportation costs. The potential for lost checks as well as the risk of fraud along the way, posed an ever-present threat to the banking world.
Credit unions needed a solution that would address these challenges and provide efficiencies during a time of rising labor costs. Without sacrificing the superior customer service that set them apart from banks, this solution needed to result in:
- Reduced Data Entry
- Fewer Check Processing Errors
- Decreased Time to Payment
- Improved Customer Service and Loyalty
- Reduced Risk of Fraud
- A More Efficient Resource Allocation
EasCorp wanted to offer a solution to their members that would provide for more efficient and affordable check processing. Committed to offering their members solutions that add value to the routine task of processing checks, EasCorp developed a solution that offers technology, which promotes automation and efficiency, reduces risk and eliminates transportation costs.
With eDeposit, credit unions can now utilize hardware, software and services that make up a robust branch capture solution. The new process begins with the scanning of check batches on a scanner. The hardware and software work together to capture the check image. The MICR codeline, check amount and other check data are captured using eDeposit, which incorporates A2iA software tools. The captured check images and data are then transmitted electronically in the form of an X9.37 (image cash letter) file to EasCorp.
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