M&I Marshall & Ilsley Bank (M&I Bank) today announced that it has taken another proactive step forward with truncation and check-image exchange by joining the Endpoint Exchange Network.
M&I Bank operates 252 banking offices located in Arizona, Florida, Illinois, Minnesota, Missouri, Nevada and Wisconsin, where it is the state’s largest bank. In addition, its affiliated M&I Support Services Corp. will also join the Endpoint Exchange Network, adding 165 financial institution clients as network participants.
Already over 4,000 financial institutions throughout the United States have joined the Endpoint Exchange Network. M&I Bank becomes the fifth 'Top 50' U.S. bank (based on asset size) to participate in the network, joining Bank of the West, Commerce Bank, North Fork Bank, and Synovus Corp. as Endpoint Exchange Network members.
"As the only operational network facilitating electronic check-image exchange today, the Endpoint Exchange Network is clearly winning the race to build a national network through which financial institutions can send and exchange check images rather than paper checks for clearing and settlement," said Mark Craig, general manager, CheckClear LLC, which operates the Endpoint Exchange Network. "By joining our network, M&I Bank is better positioned to benefit from the national 'Check 21' legislation that takes affect this October."
Membership in the fast-growing Endpoint Exchange Network will position M&I Support Services to help its clients realize the transaction cost advantages and bottom line benefits of check image and electronic clearing and settlement. The network's use of imaging technology and managed, secure communications replaces the high costs of trucks and planes to move paper checks to endpoints in every Federal Reserve District. The Endpoint Exchange Network provides member institutions with instant in-clearings, streamlined incoming and outgoing returns, and easy-to-manage adjustments.
"Participation in an exchange network was a top priority for M&I in 2004, enabling us to support our bank and client financial institutions as the industry moves toward check-image exchange as a way to reduce infrastructure expense," said John Roberts, president, M&I Support Services Corp., which processes and clears more than 800 million items annually. "We will actively engage our clients in the migration from paper-based to electronic settlement and enroll all 165 clients in the network."
The Endpoint Exchange Network is an open network that supports all industry exchange standards and record formats to enable M&I Bank and all financial institution participants to exchange electronic items with every other network member, despite any system or platform processing differences. Trades are adjusted through the National Clearing House. Check presentment, image exchange and clearing occur within one settlement arrangement. Federal Regulation CC controls deadlines based on the presentment time, insuring timely returns notification.