The first phase enabled respondent banks to send image cash letters to Bankers’ Bank for clearing with the Federal Reserve.
According to the bank, phase two has been sparked by the immense amount of image files provided daily by 52 Bankers’ Bank customers that amounted to 1.5 million items per month. Completion of phase two is expected to enable Bankers’ Bank to offer its customers a cost-effective image clearing solution.
Ron Slater, president of Bankers’ Bank, said, After our due diligence period, we know that our decision to work with CBS and the solution we are creating will be truly unique to the marketplace. Our success to date with Check 21 can be matched by few and our imaging advancements further demonstrate our commitment to excellence.
