AscendantFX announces new technology solution

Through the Express Check Solution, AscendantFX is expanding its services in the financial institutions industry.

The new solution aims to offer a faster clearing cycle for financial institutions by processing cheque images within one to two business days. Financial institutions will be able to eliminate the ancillary services to support cheque clearing such as mailing or couriering cheques to a central processing area or recovering cheques lost in the mail. A faster clearing cycle also mitigates the risk of fraud. By committing processed deposits to a database for research, retrieval and reporting, the risk of fraud is further reduced.

Checks are a commonly used payment method for expenses and invoices. It is a traditionally cumbersome process that has stagnated and fallen behind the pace of innovation. Financial Institutions have faced significant challenges in delivering simple and cost-effective Canadian cheque clearing processing. This includes the ancillary costs of processing cheques which includes courier delivery, cash flow for items that can take six to 12 days to clear and monitoring fraud.