FedForward Services provide financial institutions with the ability to submit an image cash letter of forward collection items that the Federal Reserve Banks will clear and present as either substitute checks or an electronic file to the paying bank.
The following FedForward products allow you to enjoy the benefits of Check 21-enabled processing regardless of where you are in your journey to electronic check clearing:
Deposit option that enables you to submit an image cash letter of forward collection commercial items, as well as Treasury items, postal money orders (PMOs) and image-eligible savings bonds1. The Federal Reserve Banks will clear the items and present either substitute checks or an electronic file to the paying bank. Many deposit options are available to meet your needs for availability and pricing.
“The first thing we saw was that our funds availability jumped to 95% immediately after FedForward implementation. All the features of Check 21 have been turned into benefits at Independence Bank.”
– Connie Holmes, Vice President of Independence Bank
“Now that we are depositing FedForward Image Cash Letters, we have more operational flexibility and can respond more quickly to environmental changes than we could when sending paper only.”
– David Rathke, Vice President Float Management, Frost National Bank
“In the first few weeks <following the April 16, 2012 transition>, we have been able to image all of the savings bonds presented for redemption, which has helped to increase efficiencies, minimize errors and reduce costs.”
– Lisa Durham, Vice President of Deposit Services, Central Bank and Trust
1Image-enabled savings bonds include Series E (half-sheet paper and card), Series EE, Series I, and Savings Notes.
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