This Check 21 solution is based on the 21st
century act (Check 21 act). It came into effect from the 28th
October 2004. It is used by the banks,
brokerages, insurance companies, credit unions, utility
companies and any one who needs to process lots of checks.
This software solution will enable
users to achieve expedited check clearing
by transferring the check
information intoelectronic data file instead of
processing
physical checks.
Challenge
Ragini Check 21 solution has following challenges:
●
Transaction between Bankers and customers related to
funds deposited and received
●
Payment
reconciliation for the transactions completed
electronically
Solution
Ragini
Check 21 solution’s goal is to
●
Create a Cash Letter & Electronic
Exchange File and transmit it to another
bank
●
To receive payment and to reconciled it for
each and every received payment from
intermediate bank
●
To reconcile payment between what was sent for clearing and what we
received
Benefits
●
To reduce the time and cost to transfer physical
check among the banks by transferring the electronic
data file containing the original check information
●
Faster
Clearing and Quicker access to funds
●
Streamlines
the check collection and return process
●
Reduces
clearing fees
●
Check-processing
speeds should continue to increase
Key Capabilities
●
Create
and send image exchange files to another bank or an
image exchange network
●
Receive
image files from another bank, or retrieve them from
an image exchange network
●
Perform
image validation and quality assurance
●
Provide
for the handling of substitute checks (IRDs)
●
Conduct reject/repair processes on exchanged items
●
Process return items, Monitor and manage the entire
image exchange process
●
Delete files, based on successful file receipt
acknowledgments
●
Create status messages and reports
●
Maintain an environment secure enough to protect the
confidential nature of the file data being
transferred
