Dallas-based BancTec is releasing eFirst banking, a suite of image-enabled cheque processing software to help community and mid-tier banks in the US introduce cheque clearing initiatives and comply with Check 21 legislation.
The Check 21 legislation, which is due to take effect in October 2004, will allow banks to exchange electronic images of cheques for clearing and settlement purposes.
BancTec has teamed with banking systems vendor VSoft Corporation to develop the applications which provide turnkey cheque-image processing.
The eFIRST banking package provides image capture for proof of deposit (POD), power proof, single-pass capture and distributed or remote capture, as well as capabilities for statement and direct fine sorting, bulk filing and exception item pull and multi-bank processing.
The product is built from modular components, enabling firms to tailor the system to their specific needs, volumes and existing operations environment. Banctec says this modular framework also allows customers to quickly meet Check 21 requirements and to adapt their imaging infrastructure to match future electronic cheque clearing requirements and resource demands.