Take Full Advantage of ECL and Check 21 with WRK Systems!
We are on the leading vendors of Check 21 compliant software in the industry today. Several hundred financial institutions using ImageChex32 software are sending Electronic Image Cash Letters to either the Federal Reserve Bank or other correspondent banks. Since our first customer began sending cash letter in 2005, more and more of them are converting each week. Customer financial institutions can send one or more outgoing cash letters each day depending on their individual needs. These institutions are experiencing substantial cost savings from reduced courier costs, better utilization of personnel, reduced insurance expenses, and improved funds availability.
WRK Systems staff members have the knowledge and experience needed to implement remote capture in any environment. This allows branches and customers to receive and forward documents from anywhere in the world. Some of our customer that have utilized this service have been able to capture checks in foreign countries and forward them for deposit electronically to the Federal Reserve Bank and another correspondent banks in the U.S, eliminating transportation costs and improving availability by as much as 3 days. Our staff has been working with remote capture solutions since 1979, and the capture devises available today provide a cost efficient alternative to processing paper checks and documents.
WRK Systems was one of the first vendors to send electronic return item cash letters. In July of 2004, our customers began receiving incoming Electronic Cash Letters from the Federal Reserve Bank and other correspondent banks. Electronic Cash Letters provide endorsement histories that can be displayed from within ImageChex32. In December of 2005, WRK SYSTEMS customers began sending electronic return item cash letters to the Federal Reserve Bank using the FedReturnsm service. FedReturnsm allows banks to send returns electronically as well as specify the return reason, bank of first deposit, and first deposit date. This service allows banks to completely eliminate courier costs because no transportation of return checks to the Federal Reserve Bank is required.
The latest version of ImageChex32 includes support for electronic cash letter receipt and electronic return item cash letters are now available. The new features allow financial institutions to take advantage of the full range of Check 21 services offered by the Federal Reserve Bank. Contact our sales department at 800-888-2135 for more information
WRK Systems customers using Check 21 services are also using Merchant/Customer capture to expand their customer base. Bank customers can now capture deposits and checks, allowing them to make "electronic" deposits rather than having to make a trip to the bank to deposit the physical items. By taking advantage of low-cost capture devices, financial institutions can expand their customer base without having to build new branches. These customer relationships can be established without geographic limitations because the electronic deposit can be made from virtually anywhere in the world.
