19 March 2018
visit www.nextgenbanking.co.uk

LaSalle Bank deposits cash-image letters with Federal Reserve

24 January 2006  |  2327 views  |  0 Source: LaSalle Bank

LaSalle Bank N.A. continues to build upon its treasury management-based solutions and is now depositing image cash letters with the Federal Reserve Bank of Chicago and the cash letters are deposited through SVPCO's Image Payments Network.

The Federal Reserve Bank will forward these items for presentment to the paying banks as images or substitute checks. This capability enables LaSalle Bank to transmit electronic images of checks, reducing and ultimately eliminating the need to transport the physical items.

Electronic exchange of check images allows LaSalle Bank to further leverage the opportunities created by Check 21 legislation, which provided the foundation for banks to capture, send and receive electronic images of checks; and eventually eliminate paper items from the clearing process.

In March 2005, LaSalle Bank rolled out its remote image capture solution, CashPro Electronic Deposit. To date, more than 100 corporate clients are using the service. "Many of our clients are experiencing more efficient internal processes, cost savings and faster access to incoming cash as a result of electronic deposit," said Cindy Murray, executive vice president and head of LaSalle Bank's Treasury Management group. "We are excited to take the next step in overcoming the industry-wide challenges associated with processing paper checks, while gaining operational efficiencies, additional security safeguards and control over check processing."

"Our participation in check image exchange demonstrates LaSalle Bank's commitment to being not only a participant, but a leader in the evolution of the U.S. payments industry," added Murray. "Our ongoing development of image strategies and our investment in image technologies will result in a robust set of additional services and capabilities."

"The Federal Reserve Banks are excited to provide our customers with access to image deposit and presentment services that can help them realize the benefits of Check 21. Our collaboration with LaSalle Bank and many other innovative organizations is leading the industry toward a more efficient and effective payments system," commented Michael Hoppe, vice president for the Federal Reserve System.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
8806 views comments | 27 tweets | 38 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
8343 views comments | 9 tweets | 8 linkedin
BIS warns central banks on digital currency issuanceBIS warns central banks on digital currenc...
7157 views comments | 18 tweets | 17 linkedin
Barclays propels Coinbase into Faster PaymentsBarclays propels Coinbase into Faster Paym...
7116 views comments | 15 tweets | 28 linkedin
AI augmenting compliance processesAI augmenting compliance processes
6765 views comments | 3 tweets | 5 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job