Source: Endpoint Exchange Network
The Endpoint Exchange Network today announced that the Government Development Bank for Puerto Rico will become the first bank outside the continental United States to exchange check images with U.S. financial institutions for clearing and settlement.
The bank is currently in testing mode with plans to begin live check image exchange processing with the Endpoint Exchange Network in December.
The Government Development Bank (GDB), recently installed AFS ImageVision Courier, the interface between the bank’s AFS ImageVision check imaging platform and the Endpoint Exchange Network, the fully interoperable, national check image exchange network headquartered in Oklahoma City.
The AFS ImageVision Courier interface to the Endpoint Exchange Network provides GDB with the capability to clear and settle check payments through the exchange of check images, across all 12 Federal Reserve Districts in the United States.
Membership in the Endpoint Exchange Network will allow GDB to take advantage of the Check 21 Act, and eliminate the need to pay for the physical transportation of checks to the U.S. for presentment. Additional benefits include reduced risks related to transportation loss, faster identification of fraudulent items, as well as greater efficiencies and eventual reductions in processing costs. Check 21, which became effective on October 28, 2004, enables U.S. financial institutions to substitute the original paper check with an image replacement document (IRD) during the clearing cycle.
"We understand that checks are still a significant form of payment worldwide and that clients globally are seeking innovative solutions to reduce cost and remain competitive," said Mark Craig, General Manager of CheckClear LLC. "We are very pleased to welcome Government Development Bank as the first institution from the Commonwealth of Puerto Rico to join the Endpoint Exchange Network."