FedReceipt Services allow financial institutions to use “straight-through” electronic check processing for all inclearings or inbound returns. You can reduce your check processing costs and resources by decreasing in-house sorting and image capture.
Meet your customers’ needs by offering check safekeeping, image statements and home banking products through electronic receipt.
The following FedReceipt products allow you to select the options needed to best serve your customers:
Enables you to receive all imageable items drawn on your institution in an ICL in lieu of a paper cash letter presentment. This option offers cost reductions, earlier posting and improved balance reporting, elimination of transportation delays, the ability to create your own substitute checks and a discount on Reserve Bank deposits.
Enables you to receive an image cash letter of all items returned electronically in an image cash letter as well as all paper return items received that are imageable.
Provides a central archive for your check images and the ability for you and your customers to view or receive any image on demand.
Discover the benefits of FedReceipt Services
- Cost reductions
- Earlier posting and improved balance reporting
- Elimination of transportation delays
- Freedom to create your own substitute checks
- Discount on Federal Reserve Bank deposits
- Easily accessible customer service from knowledgeable support groups
- Plus additional benefits highlighted in the FedReceipt Services product sheet (PDF)