"Though the industry as a whole has been slow to adopt electronic check clearing, it appears that the community bank segment is putting the technology in to place at a faster pace than their larger competitors," said Michael Tilford, vice president of Image Exchange.
One model that Image Exchange utilizes to foster interest in the community bank segment is the idea of "local clearing groups." Image Exchange will work with a group of banks in close proximity to each other that exchange a large amount of items daily. If these banks agree to form a local clearing group they can begin the electronic exchange of items immediately and thus realize and immediate saving on their cash letter. Of course they are able to exchange with other banksâ on the Image Exchange network as well, thus adding to their savings.
Tilford also stated that Image Exchangeâs footprint was beginning to expand outside the Southeast to include Texas, New Mexico and Arizona.
"In addition to expanding our geographic reach, at the request of our customers, Image Exchange has begun discussions on intra-exchange with other select national exchanges. It is our goal to provide our customers with access to the largest number of banks and credit unions to exchange with as possible and one way that we can accomplish this is through relationships with other exchanges," Tilford said.