US bank First Tennessee is releasing First Deposit Plus, a cheque image archive system designed specifically for its business customers.
Banks signing up to the service will receive a cheque scanner as well as secure encryption software. Once the cheque has been scanned in, the image is transmitted to First Tennessee. From those images a duplicate of the original cheque is created and the transaction is completed simultaneously.
The cheque images can also be archived at the business, with access available to multiple users with separate passwords.
Taylor Vaughan, manager of treasury management services for First Tennessee, says the system will enable businesses that receive cheque payments to get access to their money up to two days sooner than before.