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#165723 - 03/02/04 08:08 PM Non-imaging bank challenges
Anonymous
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[I'm creating some sub-threads for discussion to get things organized on Check 21 topics.]

It's been said that the greatest impact of the Check 21 law will fall on banks that are not currently engaging in any type of imaging.

How is Check 21 changing your imaging plans for the future, if at all?

How are you dealing with its potential impact?

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#165724 - 03/03/04 09:23 PM Re: Non-imaging bank challenges
Nameless Offline
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Joined: Apr 2003
Posts: 249
Chaos
We are currently a non-imaging bank with plans of providing imaging within the next year or so. These goals were set before Check 21 became such a hot topic and I'm really not sure what impact (if any) Check 21 has had on management's plans. But I have a question along these lines to ask...

What are the pros and cons for us, a non-imaging bank, going to imaging in a post-Check 21 environment?
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#165725 - 03/03/04 11:48 PM Re: Non-imaging bank challenges
Anonymous
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Quote:

What are the pros and cons for us, a non-imaging bank, going to imaging in a post-Check 21 environment?




With imaging, you have improved searchability, retrievability of items. Archives are easy to manage. Customer questions about items should be easier to research.

To the extent other banks in the chain agree to accept images, you can shorten the time it takes items deposited into your bank to reach the payor bank (and can thus obtain settlement faster and, we hope, make the funds available to your customers more quickly). Plus, if you move beyond truncation and participate in image exchange and presentment, doing so will shorten the time for return items to reach you if some of them are transmitted in image, rather than paper, format. To the extent you are willing to accept images, you could utilize one of the electronic positive pay systems that utilizes OCR technology to match the payee line. Other software will do an analysis of the signature on the check to attempt to determine if it is an authorized signature.

Those are just a few of the benefits . . . I could list many more, but you get the idea ...

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#165726 - 03/04/04 06:16 PM Re: Non-imaging bank challenges
Nameless Offline
100 Club
Joined: Apr 2003
Posts: 249
Chaos
Thanks Mary Beth! That was very helpful as was Ken Golliher's article Check 21 and the Non-Imaging Bank.

I just wanted to take the opportunity to thank BOL for all of the wonderful resources!
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