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First National begins processing cheque images on Endpoint

23 November 2004  |  772 views  |  0 Source: The Endpoint Exchange Network

The Endpoint Exchange Network today announced that First National Bank, based in Omaha, Neb., has begun sending check images for electronic clearing and settlement through the Endpoint Exchange Network.

As one of the largest financial bank holding companies west of the Mississippi River, with over $16 billion in managed assets, First National Bank enjoys a legacy of innovation. First National's Cash Management division uses the latest technology in payment processing to help corporations maximize the use of their funds. First National focuses nationally on larger billers and corporate clients who need high volume payment processing, especially in the check, remittance, and ACH processing areas.

Long recognized as a pioneer in check imaging and archival solutions, First National is interfacing its full suite of image-enabled AFS item processing applications to the Endpoint Exchange Network. First National's existing technology provides a smooth platform to convert from a paper-based to an image-based check clearing and settlement system.

"The Endpoint Exchange Network provides us with a powerful national check image exchange infrastructure," said Russ Oatman, senior vice president and division head of First National. "Membership in the Endpoint Exchange Network benefits both First National Bank and our corporate customers. The bank will realize dramatic reductions in operational and transaction costs, greater control over returned items, and reduced fraud. Our cash management customers will ultimately realize much faster availability of funds through electronic clearing and settlement."

"We are very pleased to welcome First National Bank into the Endpoint Exchange Network," said Mark Craig, General Manager of CheckClear LLC, which operates the Endpoint Exchange Network. "First National Bank's geographic footprint covers a vast portion of the Midwest and its membership will play a pivotal role in our initiative to extend the power of check image exchange across the country."

The Endpoint Exchange Network is designed to meet the electronic clearing and settlement needs of financial institutions and their corporate and cash management customers. "We are very happy to be working with First National Bank on the cash management side," added Craig. "Check image exchange will help their corporate customers eliminate daily bank runs, and extend collection windows and deposit cut-off times. Image exchange will dramatically collapse the time from point-of-presentment to downstream collection, resulting in reduced transactions costs."

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