Many of the nation's financial institutions are now in the process of getting their systems ready to truncate checks at the point of deposit, a practice made possible by Check 21. For the 82,000-member Nevada Federal Credit Union that point of deposit includes the automated teller machine. The credit union recently announced an expanded partnership with TWS System Inc., a transactions processing company that was the first to offer image-based ATMs.
The partnership will allow Nevada FCU to move towards total automation of deposit functions beginning at the ATM. The new system has built-in truncation capabilities including the ability to send and receive substitute documents. It captures and digitizes check images at the ATM and has handwriting recognition and other reading capabilities that allow the ATM to retrieve the check information staff used to key in by hand. The system also reviews each transaction for fraud possibility and automatically sends an alert or warning when pre-set fraud prevention criteria are met.
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