Check21 processing allows Stifel Nicolaus to take advantage of faster settlement of funds. "We are excited to be able to process checks in an electronic environment," said Curt Stalter, Vice President of Treasury Management at Stifel Nicolaus. "We evaluated several solutions and determined that RemitProâs application is a very powerful, flexible tool that will deliver efficiencies to our operation. Stifel Nicolaus has enjoyed a long relationship with U.S. Bank, and so we are pleased to be able to build upon that relationship by sending our deposits to them utilizing the Check21 settlement mechanism."
"We are excited to have Stifel Nicolaus as an early adopter of Check21 technology," said Jana Waughn, President of RemitPro. "The RemitPro solution is highly configurable, thus we can design the application and the method of settlement to suit the needs of each client. Through the use of our application and Web-based reports, our solution is easy to use, quick to deploy, and requires very little IT support, which we believe is a winning combination for our clients."
The electronic deposit system allows users with their own scanning equipment to make deposits by sending a standardized file to the bank. RemitPro provides the desktop application and scanner and creates an Image Cash Letter for settlement. This allows printed versions of imaged checks to act as legal substitutes, speeding up the clearing process and ending trips to the bank to deposit checks.