Fidelity Information Services’ ImageCentre and Voyager check imaging solutions are now transmitting daily image cash letters to the Federal Reserve Banks.
Fidelity’s client, Diverse Computer Marketers, Inc. (DCM) has completed the implementation process for depositing image cash letters.
DCM, a Lansing, Michigan-based outsourcing provider, leverages ImageCentre to service more than 40 financial institutions in the upper Midwest. Outgoing image cash letters are being created using Voyager and transmitted daily to the Federal Reserve Banks’ FedForward image cash letter deposit service for presentment to paying banks as images or substitute checks.
“The advanced technology built into ImageCentre and Voyager allows us to help our clients clear dollars faster, reduce transportation costs and streamline backroom operations,” said Edward Chan, vice president of DCM. “Factoring in reductions in courier costs and item clearing expenses, our first image exchange for a bank client resulted in a 70 percent reduction in item clearing and settlement costs. It is simply more efficient and economical to send images in lieu of the physical items.”
ImageCentre and Voyager were developed by BankWare, a provider of check and remittance imaging solutions that was acquired by Fidelity in April 2004. The ImageCentre suite provides financial institutions with a completely browser-based payment processing, document management and fraud detection solution. Voyager enables client financial institutions to exchange check images with image exchange networks, correspondent banks and other financial institutions.