VECTOR Image Exchange Solution
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Essential today - invaluable tomorrow
The VECTOR Image Exchange Solution is an example of tomorrow's technology available today from Metavante Image Solutions. Addressing the implications of Check 21, this Solution provides the tools for your bank to "leapfrog" current, limited means of electronic check presentment and position your organization perfectly for the new era of image exchange, its operational cost savings and new revenue opportunities.
Exchange your method of processing checks for something better
The passage of Check 21 allows an image replacement document (IRD) to have the same legal standing as an original check. This new legislation encourages banks to exchange images instead of paper, reducing or eliminating sorting, transportation and delayed posting costs. In the new Check 21 world, you have the support and backing of the government in the use of a forward leap in technology - exemplified by the VECTOR Image Exchange Solution. And your operational risk in adopting this technology will be very low - because it is not still on the drawing board. VECTOR Image Exchange positions you to initiate a new and streamlined method of check processing. After a check's image is captured, the image will be transmitted quickly over a secure, managed network to other banks, shortening the traditional clearing and settlement process.
Of course, the Image Exchange Solution will help you avoid the delays of antiquated ground and air transportation methods, lessen the chance of checks being lost and eliminate backlogs created by paper checks which cannot be physically transported due to weather or unforeseen events. It will also allow for the creation of additional bank revenue in areas including correspondent bank processing, lockbox processing, corporate image deposits and a variety of branch-based applications.
Capture the lead in image capabilities
The VECTOR Image Exchange Solution performs Virtual Capture, which simulates a physical capture and results in seamless integration with your capture system and item workflows. The Solution also includes an image archive interface, so images can be archived within minutes of capture. These images are also immediately available for other applications, and can be used for image-based reject repair, reconcilement, fraud detection and returns processing.
As image exchange becomes a reality for your institution, image quality becomes increasingly important. The VECTOR Image Exchange Solution includes controls which analyze the quality and accuracy of image data captured by other institutions. Its image capture workflow supports the review of suspect images captured elsewhere and enables an automated adjustment, when necessary, for low-quality images.
Presenting the latest developments in check data management
The presentment side of the VECTOR Image Exchange Solution allows your institution to leverage its existing investment in capture technology whether at the branch, ATM, lockbox, central or distributed sites. It allows exchange files which include MICR information to be transmitted and received, and transactions posted, before DDA cutoffs. The Solution includes flexible image capture format options which can be tailored to meet your bank's needs.
For banks that wish to immediately realize the efficiencies and benefits of electronic exchanges, as well as for banks that are not quite ready for image exchange, the Solution provides standard ECP processing. Required matching paper items (originals or substitutes) are transported later and are reconciled with the previous night's exchange file.
Send inefficiencies packing
The "send" component of the VECTOR Image Exchange Solution loads items for other banks into a transaction warehouse. These items, along with their images, are then extracted to an exchange file for transmission. The send component also includes duplicate cash letter and bundle detection, duplicate item detection and deadline editing - to make sure items are accurately sent on schedule. Since not all endpoints will be "image exchange ready," the send component can also create IRDs.
Receive substantial advantages
The VECTOR Image Exchange Solution's "receive" component loads items received from another bank's exchange file into the transaction warehouse. Image Quality Analysis is performed on the warehoused items and Suspect Image Review presents items rejected because of low image quality to a disposition process. High-quality items are then processed via Virtual Capture, reject repair and balancing. Finally, the items are extracted for posting, and images are sent to the archive and/or landing zone for immediate use.
How to enhance your image in the marketplace
The VECTOR Image Exchange Solution can facilitate your transition to streamlined image exchange. In fact, you can use the Solution to receive and process a file, identify exception items and process exceptions via image without paper being exchanged at all.
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