The Accelerated Imaged Returns Delivery Service provides the opportunity for a bank of first deposit (BOFD) to receive some of its incoming returns earlier than it does today, which may help address the risk of releasing funds before a returned item is received.
This service allows you to choose from two delivery timeframes for your first FedReceipt® Daily Returns file of the business day, similar to the Accelerated Forward Delivery service available to FedReceipt Daily Forward customers. The two delivery windows available to choose from are between 4 p.m. and 7 p.m. ET and between 7 p.m. and 1 a.m. ET for the Premium and Standard Accelerated Returns Delivery services respectively. Items received by the Federal Reserve Banks after the first file has been sent will be delivered at approximately the same time as FedReceipt Daily Returns files are delivered today.
“The advantage of the service for us is it fits into our objectives. If we can receive an image return cash letter earlier, we might have an opportunity to reduce our losses. We believe this service will help us achieve our objectives and reduce risk by seeking opportunities to move some of our Day 2 operations to Day 1.”