4th Quarter Newsletter from MVi

When the Check 21 Act was enacted into law in late 2003, the majority of financial institutions began deploying Branch Capture throughout their offices as a foundation of implementing a Check 21 solution. However, recent trends indicate that financial institutions are migrating to Teller Capture solutions as they realize the significant benefits of having front counter capabilities. Canon CR-25

Several discussions within the financial industry trade publications and online webinars have recently been focused around the benefits of Teller Capture in comparison to Branch Capture.

Essentially, Teller Capture presents the same end-result as Branch Capture, yet, it is unique in the way in which it streamlines the flow of the deposit transaction process.

Teller Capture provides several advantages over Branch Capture as it allows for:

Straight-through Processing: Teller Capture allows the teller to complete the whole deposit transaction, from start to finish, right at the teller line. It becomes a straight-through process and the tellers are no longer required to go to a back office scanner to scan checks several times a day as they would with a back counter solution (Branch Capture).

Quicker Access to Deposits: Because Teller Capture allows for straight-through processing, the teller is able to complete the transaction at the time of deposit and the funds become available to the customer quicker. The customer is no longer subject to the possibility of the deposit being out of balance and having to wait for the adjustment before funds become available. It also enables the branch to offer later cut-off times for same day fund availability.

Easier Balancing: It becomes much easier for tellers to solve any out-of-balance transactions since they are balancing each transaction individually as they go, while the customer is at the teller line. With the capabilities Teller Capture provides, the teller is no longer trying to balance for the entire batch of deposits at the end of the day-- which can be much more difficult and time consuming than balancing each transaction as it comes in.

Better Workflow: Teller Capture allows for a "single flow transaction", meaning that the teller may complete every step in the deposit process in a single workflow of movement. The teller scans the deposit slip and checks, the system then triggers the teller to create the deposit transaction for the scanned checks, it captures the CAR/LAR (hand written dollar amounts), at which point the teller is able to issue 'less cash' and then balance the check amounts against the transaction total.

Once the transaction is in balance, the front and back images of the checks are stored in the Laserfiche repository along with copy of the transaction receipt and deposit slip. It also creates the ICL file that is sent to the clearing house.

This procedure creates a workflow where the checks are touched only once, and the teller does not have to deal with balancing checks later on in the day at the back office counter. With this "single stage" workflow, end of day reconciling also becomes a lot faster.

Because Check 21 Teller Capture offers a surprisingly high return on investment (ROI), many financial institutions are quickly migrating to Teller Capture solutions and enjoying the benefits of less work, faster transactions, and fewer errors. The increase in efficiency that Teller Capture provides is significant and tellers are able to save time on processing check items and spend more time serving customers.

If you are looking to implement Check 21 Teller Capture, be selective in choosing a provider. While some providers will restrict you to clearing checks through a specified clearing house, MVi offers a unique solution that allows you to clear check items through any number of clearing houses whether it be WesCorp, SunCorp, NorthWest Corp, Bank of the West, Southwest Corp, etc. With the MVi solution, you may switch between any clearing house which accepts the standard X9.37 Federal file format, at any time, without losing the cost of your investment as you would if you were tied into a single clearing house and wished to change.

Another benefit of MVi's Check21 Solution, is that all images are stored in a single Document Management Repository in Laserfiche - which you already have in place. With MVi's solution, if you want to do research on a check item you can do it from the convenience of your own workstation, even if that item were completed from a different branch office because all items are stored in your central document management repository. With most other solution providers, you can view checks only by going to their website, document store, or designated work station, and not from your own imaging system.

To learn more about how our Check 21 Teller Capture solution can help you increase efficiency and save on costs or to schedule a free webinar, please Click Here to email us. You may also contact us at 888.684.6684.