The Federal Reserve Banks’ most recent enhancement to the Check 21-enabled suite of services, FedReceipt Plus for Returns, offers financial institutions across the country the opportunity to optimize the benefits of electronic check processing by moving to a complete all-electronic process. The service provides the bank of first deposit (BOFD) with an electronic file of all return items that have been deposited with the Federal Reserve Banks in an image return letter and all paper return items received that are imageable. No paper versions of these items will follow. (Note that non-imageable items will continue to be delivered as paper in the near term.)
One of the most important first steps you can take on the road to FedReceipt Plus for Returns implementation is to contact your software vendor. It is critically important that you understand any processing considerations from an operations and platform perspective. Your vendor will be able to help you fully understand what needs to be done to begin receiving your returns electronically. These questions should aid in your discussion.
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