Guide to Check 21

If you are processing paper checks manually, you are wasting money and there will be no GREEN Award for you this year either.
R&S Integrated offers several Check 21 solutions. We can totally automate your process, from the front counter, through the back office, and on to the bank. Funds are credited same day, as late as 10:00pm, at reduced fees.  You really can DO MORE WITH LESS!

The Federal Reserve is closing 3 more paper check processing centers this year, down to 22 from 45 in 2003, with plans to eliminate them all together.  Fees are also rising in an effort to economically steer businesses and banks towards this technology.  It is estimated that by the year 2012, that although paper checks submitted by consumers will still tip the 10 billion mark, all will be electronically processed.

So what is this Check 21?  What's in it for me or my company?
Lets find out........

Check 21 is a ACT passed by Congress in 2003 for the purpose of  legitimizing electronic processing of paper checks into electronic data. Checkmation  software was designed to capture data and images off checks and associated documents like an electric company's pay stubs for example. From there the data is "truncated" into electronic data which is sent to your accounting system, updating client payment history. Additionally, the checks are electronically batched and totaled awaiting transfer as an ICL (image cash letter) to the bank(s). The entire process from keying data to armored transport is eliminated.  The images of the transaction are typically loaded into a Electronic Document Management System (EDMS)  which allows you to destroy the paper records. Getting the picture?

Compare the benefits and associated cost reductions listed below to your current manual system.

Here are some of the major benefits:

* Increased interest on FLOAT.......Your bank can help you with this figure. Usually the minimum gain on float is 2 days. There are instances of multiple locations saving 4 days. This is big. Deposits can be submitted as late as 10:00pm in most cases and still post to that day's business. Most banks prefer that you send ICL's to them during off peak time.

* Reduced handling time at the windows

* Reduced handling time in the back room. Is that HIGH SPEED processor really processing or just creating back up images?  In many cases, high speed scanners are not being fully utilized, which detracts from their ROI.

* Reduced time and errors, associated with manually preparing the bank deposit

* Reduced time storing, filing, finding, distributing, and re-filing paper records during the life of the records' retention period.

* Reduced check processing fees, utilzing the ICL after hours further reduces fees

* Promotes GREEN

Checkmation is frequently complimented with an EDMS (Electronic Document Management System) This system provides storage for the images, so paper records can be destroyed. The system will even tell you when the retention period has expired and prompt you to purge. R&S offers Laserfiche as this solution.

So now you have it. What Check 21 is, what Checkmation does, and one of the best parts; you can say it was your idea!

For additional information, you can call 863 709 8044 or email to  sales@rsoasis.com  or visit our web page

www.rsoasis.com

Bob Sweeney