By: Michelle Barredo
Getting money in the bank is top priority in payments processing. Since October 28, 2004, the Check Clearing for the 21st Century Act or “Check 21 Act” took effect allowing the use of digital images of checks to be sent to bank instead of having to physically make these deposits.
RTL has helped numerous clients to take advantage of all the benefits of electronic deposit. This module truncates your physical checks into digital images that can be transmitted to the bank. We have worked with numerous banks like Bank of America and Wells Fargo, just to name a few. We work hand in hand with these banks to ensure that the testing phase during the Check 21 implementation is effective and efficient.
Many have benefited from converting to Check 21 and are reaping the benefits of saving time and money in terms of equipment and staff resource.
- Quicker access to funds
- Reduction in collection float
- Reduction or elimination of physical bank deposit runs
- Quicker visibility of closed accounts/returned checks
These are just a few of the many benefits of Check 21 processing.
Many of you have already taken advantage of the benefits that Check 21 has to offer but we know there is a few of you who have yet to implement this feature into your environment. If you have not yet implemented Check 21 into your business environment, contact your Account Manager today to find out more information on how this feature can enhance your remittance processing operations.