LaSalle Bank deposits cash-image letters with Federal Reserve
24 January 2006 | 2324 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.