AscendantFX, a technology-based payments provider, has launched a new and dynamic technology solution to enable financial institutions to maximize efficiency and cost savings in processing paper checks.
Through the Express Check Solution, AscendantFX is expanding its services in the financial institutions industry.
Dan Caputo, Vice President, Global Payment Solutions at AscendantFX stated, “We are proud to offer a new solution that was designed in close collaboration with our banking partners. We have seen that depositing checks causes a disproportionate amount of pain and wanted to simplify the process for our financial institution partners.”
The new solution guarantees a faster clearing cycle for financial institutions by processing check images within one to two business days. Financial institutions will be able to eliminate the ancillary services to support check clearing such as mailing or couriering checks to a central processing area or recovering checks lost in the mail. A faster clearing cycle also significantly mitigates the risk of fraud. By committing processed deposits to a database for research, retrieval and reporting, the risk of fraud is further reduced.
Checks are a commonly used payment method for expenses and invoices. It is a traditionally cumbersome process that has stagnated and fallen behind the pace of innovation. Financial Institutions have faced significant challenges in delivering simple and cost-effective Canadian check clearing processing. This includes the ancillary costs of processing checks which includes courier delivery, cash flow for items that can take six to 12 days to clear and monitoring fraud. Check fraud is the most common payments fraud to affect companies (AFP Payments Fraud and Control Survey).