Check 21
Updated: August 9, 2004
With the signing of the Check Clearing for the 21st Century Act (Check 21), the banking market has been affected significantly. Moving from a world of paper checks and slow processing to one of electronic images will result in improved customer service, expedited settlement, cost savings, and reduced fraud.
Alogent Corporation is a financial services technology company with proven global success in providing check-processing solutions that enable banks to achieve image technology, check truncation, and paper-to-electronic transformation. Alogent was selected for the world's largest deposit automation implementation of its patent-pending product, Sierra Xpedite, for extensible deposit automation and for Sierra Xchange, the unified payments gateway. The company's unique workflow, Straight Through Check Processing, is the branch-to-center integration of these products, which together help banks transition from paper to electronic payment processing.
The ImageMark Passport software solution by NCR provides image capture and processing of checks at all points-the ATM, branch, point-of-sale, corporate office, or regional processing center. As an example, banks can significantly improve customer service when customers make deposits at ATMs by providing an image of the deposited checks directly on the ATM receipt. Regardless of the point at which a check is captured, ImageMark Passport delivers seamless processing of transactions, providing an end-to-end solution for the entire process.
As the acknowledged leader in payments processing solutions serving 22 of the top 25 global banks and processing half of the world's checks, Unisys grasps the magnitude with which Check 21 is affecting the market. Unisys manages a new check-processing operation for a top-ten U.S. financial institution, allowing it to capture images of checks in its branches instead of at an off-site facility. Other banks are now looking to adapt this model to address the new legislation and the changing payment environment.
