VECTOR Exceptions Solution
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The solution that streamlines the entire process.
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. This Solution also reduces risk by processing potentially fraudulent exception items more quickly, meeting return item deadlines, and automating large dollar notifications to prevent losses.
Why should an exception slow down the process?
VECTOR Exceptions is a thin-client, web browser-based Solution that automates workflow. It allows for centralized or decentralized processing with distributed decisioning. And it reduces the number of sort passes dramatically-in most cases, three to five can be eliminated. The Solution also reduces paper handling considerably. By using check images instead of paper documents, your staff doesn't have to wait for a physical item to start work.
It takes all kinds.
The VECTOR Exceptions Solution streamlines the processing of all types of exception items, including:
- NSF commercial
- NSF retail
- Stop payment
- Stop suspect
- Paperless unposted
- Dormant
- Account closed
- Uncollected funds
- Un-located account
- Fraud review
Dealing with the paper
VECTOR Exceptions automates the sorting of paid/return items and adds return reason endorsements. It performs outgoing cash letter creation and settlement. And it will power-encode BOFD information as well as MICR line corrections. 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.
A new standard for efficiency
VECTOR Exceptions accepts items from any source application and deals with them all in a standardized, consolidated process.
Items can be processed by exception type, and are subject to operator-level security. VECTOR Exceptions will perform escalation of the approval level on certain items. And the Solution includes a capability for adding online special instructions and account comments (the reason for a pay/return decision, etc.). This type of documentation can be very useful when settling customer disputes.
VECTOR Exceptions also includes an update to your DDA online files, in order to keep your balances current with the most recent pay/return and account number change decisions. And the Solution is completely flexible, so these processing configurations can be changed as your needs change.
It's all about image
By maximizing the use of check images, the Solution allows work on exceptions to begin before "the paper shows up." In fact, the VECTOR Exceptions Solution operates in both full image and full paper process environments. The Solution also interfaces with most image archive configurations.
An easy decision
VECTOR Exceptions automates many pay/return decisions. A default decision matrix is executed during the load process, minimizing online decision activity.
When manual decisions must be made, VECTOR Exceptions makes the process as easy as possible. It's a true thin-client application, with access via a web browser. Check images are immediately available, exception criteria (including restraint data for holds and stop payments) are displayed as needed, and the Solution facilitates account number and MICR line correction for unposted/invalid account number items.
NSF pay/return decisions can be updated by account group/officer, exception type or individual item. Default decisions can be accepted or changed. The Solution allows input from other decision applications, including exception files from your fraud review applications. This allows you to consolidate all pay/return decisions in one application, greatly simplifying the frequently-manual process of returning suspected fraud items.
BOFD made simple
VECTOR Exceptions eliminates many steps in BOFD identification-and rules-based pre-loading of BOFD data into the Solution's database means that process can begin before final decisioning is completed.
The Solution automates much of the process via incoming source identification and accelerated BOFD input. It facilitates the use of "hot keys" for standard routing and transit numbers, and an interface to Thomson Financial's Routing Number database performs online lookup and searches for hard-to-identify endorsements.
By speeding the BOFD qualification process and eliminating BOFD keying errors, VECTOR Exceptions can help reduce Federal Reserve fees substantially.
Productivity is the key
Banks using the VECTOR Exceptions Solution have experienced a significant increase in productivity and lower processing costs. The image-enhanced process often creates savings of 30-40%, while reducing overtime and eliminating staggered shifts.
The Solution also eliminates unnecessary sorting of return items and removes geographic dependencies between capture sites and processing centers.
Can it even improve customer service?
Yes - VECTOR Exceptions allows you to offer new services to your customers, such as notification of exception items and quick return of on-us/by-us returned items to depositors.
The image features of VECTOR Exceptions will help you improve customer service throughout your operation. Customer support for high-value customers can be enhanced with the use of images in the account review process. Exception item image viewing is available for any account when it just makes sense to see an image to support a pay/return decision. And call centers can easily view current and prior pay history decisions, with immediate access to images, to further enhance the customer call process.
Toe the line
VECTOR Exceptions, with its automated workflow, makes "same business day" processing of exceptions (as per Federal regulations) a much easier task. The Solution also makes the process of reporting items over $2500 (and providing records that you did report such items) a single step, which takes place during BOFD qualification. After the required input is identified, the Solution even includes an automatic interface to the reporting services.
Choose the Solution that does it all
Interested in automating your decisioning process, reducing manual steps and facilitating the use of images instead of paper? Increasing staff efficiency and expanding your processing flexibility? Only the VECTOR Exceptions Solution can do all that … and it does it exceptionally well.
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