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Check 21: Using Replacement Documents
by Greg Murphy, Product Manager, Carreker Corporation
Question: Where will I be able to use Image Replacement Documents (IRDs) in my operation?
Answer: Banks are considering the use of IRDs in many places in the near term.
The most obvious use of IRDs will be as forward presentment items when a bank implements a full truncation strategy. There will likely be a need to present paper in a traditional manner for some time, and the IRD enables the original paper to be captured (and handled) only once.
Many banks are implementing a distributed, or remote, capture solution for their corporate customers. The transit items in these deposits, available only as images, can be printed as IRDs at a central location of the bank and used for forward presentment to the paying banks.
Returns will be a very popular use of IRDs. Particularly where a bank has implemented a prime pass image capture for archive, items that are to be returned to a bank of first deposit can be printed as IRDs and sent back with much fewer steps than before.
Incoming return items can likewise be captured, or received as images. When outbound communication regarding these items is required, an IRD with other documentation will often be printed and presented.
There are other scenarios that are being discussed, including the use of IRDs in a checking account statement with item return. Another is a scenario involving the truncation of ATM deposits in a manner similar to that of the corporate capture solution above.
In addition to the reduced handling of the item as it goes from paper to image to paper again, other benefits to printing IRDs exist. Among them is the ability to mix control documents in line with the IRDs as the print file. The combination of commingled IRDs and other documents is then sent to the print system. With this capability, the IRDs can be used directly from the printer, already collated with the proper documentation, to be placed directly into an existing paper process with little additional handling or insertion of additional documents.
Carreker Corporation improves earnings for financial institutions around the world. The Company's integrated consulting and software solutions are designed to increase our clients' revenues and reduce expenses, while improving security and increasing the value of their customer relationships. Founded 26 years ago, Carreker is a $129 million company that provides products and services to more than 250 global clients. Carreker's global bank clients include: the top 20 in the United States and 75 of the next 100; the top six in Canada; the top four in the United Kingdom; the top two in Ireland; the top five in Australia; three of the top four in South Africa, and select financial institutions in South America, Mexico, and the Caribbean. Headquartered in Dallas, Texas since 1978, the company has offices around the world including in Atlanta, Memphis, Charlotte, London, and Sydney and employs more than 600 industry professionals. For more information about Carreker Corporation, visit our web site at www.carreker.com.
First published on BankersOnline.com 8/2/04
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