Banks and other financial institutions can only achieve cost-efficiency by streamlining operations and deposit processing. The ability to process electronic cash letters (ECL) or image cash letters (ICL) reduces the costs of deposit handling - for both the financial institution and its image-enabled depositors, thus attracting additional depository business.
NetCapture™ ICL is a ‘landing zone’ application for US financial institutions that enables them to accept deposit and cash letter files from image-enabled business customers and correspondent banks. The solution may also be used to facilitate check truncation and the electronification of checks processed in internal image operations (lockbox, image POD and ATM processing for example), by connecting these environments to electronic clearing alternatives.
NetCapture ICL supplements check truncation by performing ‘receive’ functions, such as data validation, balancing and quality analysis. Designed to complement and leverage an institution’s existing infrastructure, NetCapture ICL enables efficient and secure file processing for franchise growth.
NetCapture ICL supports check truncation from image-enabled operations through a single platform. It eliminates paper check handling costs by accepting electronic deposits. It enables the acceptance and initial verification of image deposits and image cash letters from multiple sources to be carried out efficiently, while providing a platform from which to extend correspondent cash letter business outside the financial institution’s geographic footprint.
NetCapture ICL supports Federal Reserve Bank (FRB) compliant and other variant X9.37 file formats for image cash letter receipts and corporate deposits.
NetCapture ICL supports duplicate file checking, credit/adjustment recording, transcoding and image optimization. It also provides optional image quality analysis. Automated notifications of file receipts and processing details are delivered to the corporate customer or correspondent bank, who benefit from an early notification of exceptions.