Wachovia Corp. (NYSE: WB), the nation's fourth largest bank, today announced that it has begun receiving check images from the Federal Reserve Bank using technology from Advanced Financial Solutions (AFS).
The xVision solution from AFS gives Wachovia the ability to move a critical mass of truncated check transactions from the Federal Reserve using electronic check presentment (ECP) with image-to-follow.
"This deployment offers Wachovia access to a large number financial institutions through one access point, which fosters increased check image processing for all of the institutions involved," said Gary Nelson, president of AFS. "By reaping the full benefits of check truncation and image exchange, Wachovia is positioned to vault ahead of the industry."
AFS xVision provides the bridge between Wachovia's image item processing platform and a Federal Reserve X9.37 data file format. The Federal Reserve selected the American National Standards Institute (ANSI) X9.37 black and white check image standard in May 2004.
"AFS xVision enables us to extend our electronic check clearing and settlement reach and penetration," said Shahrokh Ghassemi, director of Transaction Technology Services for Wachovia. "Wachovia and the Federal Reserve now have seamless ECP with image-to-follow, despite the differences in system and platform processing." Peter Frank, Senior Vice President of Operating Services for Wachovia, added, "This establishes the foundation for our Check 21 strategy, while leaving all our paper-based check processing systems unchanged."
According to recently published statistics from the Federal Reserve, more than 1,300 financial institutions use the Federal Reserve's FedImage Services. Each day the Federal Reserve Banks capture digital images of nearly 10 million checks on behalf of financial institutions. More than 5.2 billion images are stored in the Federal Reserve's national archives.