The First Community Bank successfully implements Imaged Cash Letter Processing using Automated Systems, Inc.’s Insite Check Imaging application
Lincoln, Nebraska – May 22, 2006: Automated Systems, Inc. (ASI), a leader in providing core banking software and advanced imaging solutions to community banks, announced today that the First Community Bank of Xenia, IL (FCB) has begun sending electronic image cash letters to the Independent Bankers' Bank (IBB). Using the Insite Banking System, FCB began sending their imaged electronic cash letter directly to the IBB on March 28, 2006. This new capability is an important step towards the implementation of efficiencies enabled through Check21.
FCB has implemented the Insite Check Imaging System in two of its locations, allowing each location to image its own items utilizing Canon CR-180 check scanners. The branch locations transmit imaged items to the main facility through a secured wide area network. FCB scans over 1,700 and submits over 400 images on average each business day. Check images with MICR line information are then aggregated and electronically sent to IBB over a secure internet link. This ability has eliminated the bank’s need for a courier service and reduces float associated with the bank’s outgoing remit items as well as reduces adjustments due to lost or misrouted checks.
Michael Putbrese, FCB President, says,
“Being a small, rural bank with a branch location, our courier costs of $600.00 per month are a large item expense. The transition from paper to electronic was surprisingly smooth. IBB commented to me that the ASI software and personnel were great to work with.”
Karen Glassford, EDP Office, says,
“Thank you to ASI for making the switch to Check 21 so easy.”
Bradley Perry, ASI Operations Manager, commenting on the completion of the testing and certification by FCB:
“Automated Systems constantly strives to develop ways for our customers to be more efficient and more profitable. Our R&D investment in the Check 21 initiative is paying off as we are seeing banks like FCB benefiting from opportunities to improve processing efficiency and reduced costs.”