Mellon GCM Piloting New Remote Check Capture Service

Thursday 23 December 2004 15:35 CET | News

Leveraging the opportunities created by Check 21, Mellon Global Cash Management (GCM) is working with several of its institutional customers to pilot remote capture technology.

During the pilot, customers will use specialized equipment to scan and truncate the checks they receive from their payors and then send images of those checks to Mellon GCM, where they will be printed as substitute checks and deposited on a same-day basis. Each pilot participant needed only a personal computer and Internet connection, as Mellon GCM provided a check scanner and software for each location. Using the equipment, customers are now able to scan checks, view check images, enter check and batch amounts (for balancing) and securely transmit their images to Mellon from each location. Substitute checks that meet Check 21 requirements are created from the images and then processed through the check clearing system. With this evolving solution, Mellon anticipates providing nationwide coverage, giving its customers the opportunity to derive a number of benefits in the post-Check 21 era, said Robert W. Stasik, executive vice president and head of Mellon GCM. Remote check capture provides organizations quicker access to their money. By removing physical transportation from the first part of a checks journey to presentment, this process empowers companies to shorten the lifecycle of incoming payments. The resulting benefits are improved float and reduced transportation costs. The pilot, expected to be completed in the first quarter of 2005, has been initiated in Mellon GCMs Pittsburgh wholesale lockbox site. The service is currently planned for introduction to Mellon GCMs other wholesale lockbox sites in Atlanta, Boston, Chicago, Dallas, Los Angeles and Philadelphia throughout 2005. Mellon GCM continues to explore other Check 21-related applications, including a consumer check solution that utilizes accounts receivable check (ARC) conversion and point of purchase (POP) payments, along with other short- and long-term benefits of the law.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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