Industry Verticals >> Banking & Financial Services
Check21 Processing
Check 21 is viewed as a way to make check processing easier and less expensive for the financial industry. The old method requires that your check be physically moved from one point to another. For example, if you write a check to a department store, that check is deposited into the store’s bank account. The check is then physically transported, usually by truck or by air, back to your bank. The check is then “cleared,” which means the funds are taken out of your account and transferred into the store’s account. The route is not always directly from Point A (the store) to Point B (your bank). As a minimum, checks must be processed through a Federal Reserve Bank.
For a US based independent software vendor in the financial and banking space, Proteans developed a smart image-based check processing product compliant to Check21 regulation based on SOA architecture having 30+ modules for electronic clearing of checks. The product found wide acceptance and was deployed by many banks, check-processing centers, branches of banks, and merchants across US. So far, this product has processed 500+M checks having dollar value in Billions.
For a US based independent software vendor in the financial and banking space, Proteans developed a smart image-based check processing product compliant to Check21 regulation based on SOA architecture having 30+ modules for electronic clearing of checks. The product found wide acceptance and was deployed by many banks, check-processing centers, branches of banks, and merchants across US. So far, this product has processed 500+M checks having dollar value in Billions.
Download Case study
|
 |