Benefits of check imaging. Check 21.

Benefits of check imaging

The benefits of check imaging are, not surprisingly, related to money, time and efficiency. Which of these benefits would help you the most?

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Save money

The closer to the beginning of the check clearing process that paper leaves the process, the greater the benefit of reduced costs. What costs? Courier transport. Multiple passes of checks. Sorter wear and tear. Consumables. Operator expense. Research time for adjustments. Collection cycle expenses. Float expense. Return item expenses. Check write-off loss. Day Two expenses as items move to Day One. Item collection costs.

Improve response time and accuracy

Faster access to archived check images facilitates processing and allows timely answers to customer inquiries.

Reduce risk of fraud

The sooner a problem is detected, the less hassle and expense is involved in solving it.

Simplify check processing

The fewer the people handling checks, the more the opportunity for operator error and check loss is reduced.

Improve services

Imaging allows for greater flexibility in information storage and retrieval, which enables banks to improve and increase services.

Replace microfilm

The use of electronic check processing supports a simpler, better way to access, store, index, retrieve, and distribute information about an individual check.

Convert to image accounts

Paper checks may be destroyed at some point in the check clearing process, making it impossible for banks to return paper checks to account holders.

Increase functionality and income

Check imaging adds positives to the bottom line as well as reduces negatives. Increased fee income. Increased demand deposits. Increased short term lines of credit. Increased dependability over courier delivery. Credits and fees for dollars posted early.