Electronic Check Clearing
ProgressSoft delivers the bank-oriented Electronic Image-based Check Clearing Solution, Prompt Check, to meet advanced check clearing and handling needs across your bank.
Prompt Check is an end-to-end check clearing solution that enables the bank to transmit and receive images and data pertaining to each check via communication lines to and from the clearing house where settlement procedures take place. Prompt Check ensures same day check clearing and facilitates paper check truncation at the branch level. The solution expedites the check clearing cycle, bringing about an increase in cash flow and allowing better fund management.
Comprehensive check clearing functionality is actualized across the bank with inter-branch clearing between the head office and all branches, allowing clients to consolidate their depositing practices with the bank into a single account, regardless of the bank's branch locations.
Prompt Check enables you to carry out inter-bank check clearing via the clearing house through electronically conducted clearing processes which render physical paper movement needless. This reduces the risk of check losses, delays, slashes-off cumbersome expenses incurred by physical transfer, saves manpower at the bank and enhances the security of exchanging checks.
Prompt Check supports check capture and deposit from corporate locations when integrated with Prompt RDC and from ATM/CDMs with Prompt ATM/CDM. Prompt Check also provides automatic verification of check signatures when integrated with PS-ASV, the Automatic Signature Verification Solution.
- Bank-oriented electronic check clearing system.
- Same-day check clearing cycle upon check truncation from the branch.
- Prompt inter-branch clearing.
- Secure, fraud-reduced clearing environment.
- Seamless integration with the clearing house unit.
Record of Prompt Check implementations:
- Countrywide implementations in 8 countries.
- Serving 450 banks, Central Banks and financial institutions around the world.
Complying with international standards, Prompt Check is tailored to fit check clearing requirements in your country. Prompt Check works in full compliance with the newly introduced standards ANSI DSTU X9.37-2003 (Specifications for Electronic Check Image and Data Exchange), allowing both outward and inward exchange of these files, and ANSI ANS X9.100-140-2004 (Specifications for Image Replacement Document - IRD).
Prompt Check can be used to handle on-us and transit check items and cash letters. X9.37 cash letter files can also be used to import items captured at customer, ATM, merchants, lockbox and corporate vendor locations to be placed into the normal outward clearing cycle.
Prompt Check complies with Check Clearing for the 21st Century Act (Check 21 Act), the legislation introduced by the United States of America to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. Through capturing check images and permitting banks to truncate original checks, Prompt Check facilitates the use of substitute checks, which as per Check 21 Act can serve as the legal equivalent of the original in the check clearing process. The solution processes check information electronically, and delivers substitute checks to banks that want to continue receiving paper checks.
Ample Investment Opportunities
Evolving a fertile medium for new investment opportunities in your bank, Prompt Check offers remote capture and deposit in addition to publishing fee-based check images on a CD/DVD archive with embedded query facilities. Prompt Check also furnishes an immense opportunity for new financial data mining horizons and enhancing the decision-making process through collecting information, proper archiving, and intelligently extracting valuable information.
Post-Dated Checks Management
Prompt Check manages your Post-Dated Checks which are maintained in a Post-Dated-Checks Database (PDC-DB) by a special service for monitoring such checks and inserting them upon their agreed posting date, to be promptly processed while avoiding the traditional hurdles.
Safe Clearing Environment
Speeding up the clearing cycle plays by itself a major role in detecting fraudulent items and eliminating them from the clearing process the soonest. Prompt Check provides additional mechanisms to safeguard the customers and the payment process; check Stop-Pay instructions can be fed into the system upon customer check loss or erratic check occurrence.
Better Management Practices
Prompt Check's business intelligent reporting module provides you with savvy information through various ad-hoc, analysis, statistics and end-of-day reports that help tune, manage and plan system performance effectively. Accordingly, it acts as an essential management tool that helps you monitor your banking transactions and determine the right strategy for checks management. As Prompt Check abolishes the need to sort and provide advanced search capabilities, your bank will be able to process unprecedented quantities of checks with less staff and more accuracy.