Source: Fiserv Imagesoft
Fiserv Imagesoft, a unit of Fiserv, Inc. (Nasdaq:FISV), has added enhanced capabilities to its ExchangeGuard suite of applications, specifically in the area of image replacement document (IRD) production.
In addition to enabling financial institutions to accelerate check clearing, improve float and reduce transportation costs, the ExchangeGuard suite now offers unique document composition and security functionality not available in other systems. This new functionality aids financial institutions in the areas of reduced operational expense, reduced risk exposure, as well as compliance with new Regulation CC requirements. With ExchangeGuard, institutions can: Automate and print high volumes of IRDs for account statement enclosures. In this scenario, the system enables financial institutions that are electronically exchanging some portion of their work to print IRDs of their on-us check images for inclusion in monthly account statements alongside cancelled physical checks. Reduce their fraud risk by printing a Secure Seal on all IRDs to protect against forgery or alteration of the substitute checks. The Secure Seal, a Fiserv technology used by several large banks to authenticate printed checks, is an encoded graphic printed in the legend portion of the IRD to the left of the check image. Encoded in the Secure Seal is information from the check's MICR line, as well as data related to the truncating and re-converting banks. Also, the Secure Seal can contain information on the production date of the substitute check and where it was produced. Comply with recent revisions to Regulation CC and print exact replications of original check MICR lines on their IRDs. Because ExchangeGuard digitally interrogates check images to gather information to create IRDs and does not fully rely upon the MICR information from CPCS or other capture system data files, all spaces and special characters are recognized and reproduced when IRDs are printed. Improve productivity by automating traditionally labor-intensive processes for the preparation and distribution of printed notices. With ExchangeGuard, check copy requests and dishonored item notices, along with related IRD images, can be automatically produced via the institution's high-volume print and insert environments.
"We realize that the industry has serious concerns about security with IRDs. With the addition of Secure Seals on IRDs, our customers can rest assured that all of their IRDs are protected and can be self-authenticated, therefore reducing their risk," said Ron Thompson, President of Fiserv Imagesoft. "Additionally, bankers are always looking for ways to improve operational efficiency. With ExchangeGuard's document composition function, they can incorporate an IRD into a customer communication and render to their existing high-speed print and insert equipment. By automating the process and leveraging their high-speed equipment, a bank's productivity can increase as much as ten-fold."
ExchangeGuard is an integrated suite of individual applications that are used for specific check-image exchange processes, such as the assessment of image quality and usability, IRD composition and print, image and data routing, and endpoint determination. All ExchangeGuard applications share a common platform, database, user interface and decision support function.