VECTOR Exceptions Solution
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The VECTOR Exceptions Solution streamlines and automates virtually every process
related to exceptions, including pay/return decisions, BOFD input, the handling
of physical items, and power encoding. It even allows you to correct and repost unlocated
accounts — all within a single system. Both paper-based and electronic exception
transactions can be processed with the solution. The solution also facilitates the
creation of image return cash letters or the printing of substitute checks (IRDs).
This will eliminate sorting and return reason endorsement – and allow the creation
of "perfect" cash letters.
The VECTOR Exceptions Solution consists of:
VECTOR: FiveTM (Outgoing) controls exceptions processing
— from gathering exception information from the bank's posting applications, to
the creation of posting and settlement entries and outgoing return item cash letters.
VECTOR: ExceptionsTM utilizes an "end-to-end" process
that radically improves exception item disposition by automating exceptions workflow.
This image-based product provides superior productivity, quality gains, and cost
savings — and its use of images facilitates the centralization of operations and
new economies of scale.
VECTOR: NotificationTM creates, controls, and tracks outgoing
return notifications to ensure that large dollar notification requirements are met.
VECTOR: Fine Sort for ExceptionsTM provides a facility
for the fine sorting of exception items by endpoint. This facility will front-endorse
the return reason, and power encode the BOFD during the fine sort pass. It also
performs MICR line correction on unposted items caused by incorrect MICR data. This
product can reduce Fed charges, by improving the accuracy and quality of the BOFD
process.
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