Panini, a global payments solutions provider, joined the European Financial Marketing Association (Efma), a preeminent industry association for European financial institutions, as an associate member.
The membership allows Panini to share their unparalleled experience with Remote Deposit Capture (RDC) and Branch Image Capture (BIC) with financial institutions and industry stakeholders across Europe. These applications enable financial institutions and businesses to convert check payments and related documents to electronic transactions for efficient and accelerated clearing while reducing costs and exposure to fraudulent activity.
"Panini intends to be very active in Efma," said Michael Pratt, Chief Marketing Officer at Panini. "We look forward to gaining firsthand knowledge from Efma members on banking trends, issues, and opportunities while also providing them with access to Panini's market leading experience and insights related to global check truncation." The two organizations have already engaged in several collaborative initiatives to help banks understand and respond to the opportunities associated with the dematerialization of checks and related documents.
The Efma and Panini have teamed to undertake an extensive Check Optimization research project. AGIS Consulting was commissioned to conduct research and analyze check truncation initiatives throughout the world, specifically targeting Australia, Brazil, France, India, Italy, South Africa, Turkey and the United Kingdom. The aim of this report is to analyze the future of checks and offer best practices on using check truncation as a tool to increase efficiency and reduce costs. The report will identify check volume usage in different regions of the world and trends in the check truncation process. It will highlight regulations that support the check market in different countries and identify threats and opportunities to check payments from different perspectives. The research findings will be made available to Efma members during an Efma Club webinar on September 20, 2012. To learn more about the webinar or register to attend, please visit efma.com.
"The Check Optimization report from Efma and Panini is a comprehensive assessment of the role of checks - historically, now and in the future," said Patrick Desmarès, Secretary General at the EFMA. "The report explores how banks can continue to offer customers the benefit of checks without incurring the rising costs that are inevitable as volumes decline."
In addition, the two organizations have created an online Check Processing Community Forum to bring together key participants in the financial services industry. The forum was created for Efma members to exchange information, knowledge and best practices regarding check related topics. The interactive community enables participants to share ideas and trends on the optimization of the check value chain, elaborate on improving the check truncation process and provides a networking platform for individuals with similar responsibilities and concerns. To learn more about the forum or to join the discussion, please visit efma.com.