|
Wednesday, January 17, 2007
(U.S. Bank)
|
|
MINNEAPOLIS-(BUSINESS WIRE)-U.S. Bank has launched an image cash letter service for financial institutions nationwide through its correspondent banking group, allowing financial institutions to transmit image cash letters to U.S. Bank for processing. The service leverages U.S. Bank’s investment in image technology and involvement with the major image check clearers and image exchange industry groups.
“We have been a large and respected processor of paper cash letters for other financial institutions for years. Our cash letter customers are enthusiastic about transitioning with us from paper to image check clearing,” said Jack Franey, executive vice president of U.S. Bank’s Correspondent Banking Group. “We are also excited to be able to serve our existing financial institution clients across the country who were previously bound by some of the geographic limitations associated with paper cash letter processing. U.S. Bank has business relationships with thousands of financial institution clients through its correspondent banking group, Elan Financial Services and NOVA Information Services.”
U.S. Bank clears images through Viewpointe Archive Services, LLC, Endpoint Exchange, The Clearinghouse Payments Co., LLC, and with the Federal Reserve, and is ramping up volume in all these image networks and exploring new image clearing options. U.S. Bank operates one of the largest paper check processing networks in the country and has started to deploy a large image replacement document operation.
U.S. Bank’s Image Cash Letter Service is designed to serve a wide range of financial institution clients varying in size and scope. One of U.S. Bank’s first image cash letter customers was Community Business Bank, in Sauk City, Wisconsin.
“Our organization has a long history with U.S. Bank’s correspondent banking group. We have been a cash letter customer for many years, so when we were ready to transmit image cash letters, it was natural for us to work with U.S. Bank,” said Jeanne Myers, chief financial officer at Community Business Bank. “The attention to detail and the service we received through the implementation and testing process was outstanding.”
Another U.S. Bank customer, the Bank of North Dakota, is the nation’s only state-owned bank, and provides check clearing services for many other financial institutions.
“We have used U.S. Bank’s cash letter service for years, and we have come to trust their high level of service quality to ensure we’re delivering the best possible service for our customers,” said Dale Eberle, senior vice president of banking services at the Bank of North Dakota. “We are in tune with U.S. Bank’s image strategy. Their multiple image clearing sources allow us to streamline our processes and concentrate on serving our financial institution customers.”
Corporate One Federal Credit Union, based in Columbus Ohio, also uses U.S. Bank to provide check clearing services for other credit unions. It has been working with its credit union members to switch from paper processing to image processing for several years.
“Connecting with U.S. Bank was important for us to make sure we continued to find the most efficient means to clear checks at the best overall value for our member credit unions,” said Robert Coyan, senior vice president, marketing and operations, Corporate One Federal Credit Union. “We have been aggressively adopting image exchange solutions over the past two years, and when U.S. Bank provided us the opportunity to sign on as one of their first image cash letter customers, we welcomed that opportunity and have been very satisfied with the results.”