Checks represent 60% of non-cash payments in America. 43 billion checks written in 2002-2003 representing $39.3 trillion in payments. 20% of all online transactions are check-based. Checks are less expensive to process than credit cards.
Check 21
Check 21 has become a flashpoint. The creation of a negotiable instrument called
the "substitute check" is limited by the legislation itself whose effect is to create
a “teachable moment” for banks plotting a transition from paper to electronic payments.Check
Processing is a decades old process. It is believed by many people that it
will open the door to the first real technological change in the check processing
for which 12 months maximum is the time duration for its implementation by the law.
For banks, the reach of "Check 21"
may include:
Check capacity consolidation decisions and processing expense.
Rather than investing in some check infrastructure that is being slowly replaced
by an electronics payment infrastructure, which is better to invest in.Implementation of needed changes in auditing and fraud control.
Need to identify for revenue streams that the law and technology will create and
the executing on opportunities for the same.
New regulations Compliant.
Need to participate on standards in other interoperability issues and in industry
initiatives.
The Right Technology to outsource check processing
Bokharis Services provides you the RIGHT technology to outsource check processing requirements
?of all kinds – highly specialized captured images with state of the art OCR capabilities.
Further, we specialize in the needs of larger financial institutions, which can
lower your costs by sharing our technology investment among a wider base.
The Bokharis Advantage
If you outsource your check processing needs to Bokharis, here is what you get:
Value-added Services
Instead of sending your customers cancelled checks with their monthly statements;
we provide you a digital image of both sides of every check. Your customers have
less paper to sort through and store - and you spend less on postage.
Single Platform
Bokharis has developed a single nationwide platform for check processing, unlike other
providers that have not settled on one system. The advantage of this standardized
process is that even if your bank is acquiring other banks or is being acquired,
you can provide consistent check processing across multiple regions.
Add to your Revenues
Our archiving system allows your customers to view their statements and canceled
checks on your bank’s Web site, resulting in additional revenues. Giving your customers
the option of receiving imaged checks with their statements also enables you to
charge higher fees to those who prefer getting paper checks.
Prepare for Internet Banking
Debit cards and Internet banking are slowly displacing traditional checks. Bokharis
can help you in the transition from traditional to electronic check processing.
Speedier response to customer inquiries - even Internet delivery of check images
- means happier, more loyal customers.
Bokharis's Experiences
Bokharis’s past and continuing experience with American Financial Institutes helps you
streamline the process and smoothens the transition more faster.
Outsource Check Processing Services to Bokharis and get:
Reduced paper document handling, resulting in fewer errors and increased bank productivity.
Make corporate checking accounts available on CD-ROM, with imaged statement distribution
for faster, easier reconciliation. Generate additional fees for providing customers with imaged documents.
For more information on this contact us
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