EFD Processing Check Conversion

With the passing of the Check Clearing for the 21st Century Act in 2003, financial institutions were presented with a much more efficient means of accepting and processing paper checks deposited at ATMs. These new processes are ultimately designed to reduce the overall cost of check-based deposit processing, and improve the efficiency of back-office payment operations in the bank.

EFD’s complete solution for Check 21 acceptance, conversion and processing
EFD provides a complete solution for financial institutions looking to take advantage of Check 21 to reduce overall depository processing costs. Once the financial institution customer makes an envelope-less check deposit at the ATM, the check image is displayed on the screen and the customer validates that it has been read correctly. Once validated, the amount is then deposited, as with a normal envelope-based check deposit.

Once the check image is captured at the ATM, it is sent to EFD’s consolidation server, which captures the check image using NCR’s ImageMarkä ATM Passport software. This enables the institution to remotely validate all deposited check images. Once the checks are validated, the day’s deposits are released. EFD then correctly formats the image file and sends the batch file of check images to the back office or a check processor for posting.

As an additional benefit, financial institutions won’t need to visit off-premise ATMs on a daily basis to retrieve paper checks – saving significantly on armored dispatch and courier costs.

Let EFD help you make the most of Check 21 legislation by taking advantage of turnkey remote check deposit and processing today.