Image Cash Letter Deposit

ProfitStars' Image Cash Letter Deposit Solution enables financial institutions to use one flexible, open system to receive, verify, correct, and process image cash letter deposits from their image-enabled commercial customers.

Business Opportunity

Remote Deposit Capture solutions are becoming a “must-have”. Yet, many of your clients have existing image capture capability. How will you handle those deposits?

Your bank can now process payments from multiple customer applications regardless of their location and volume, allowing you to retain, and expand, your commercial customer base.  ProfitStars' Image Cash Letter Deposit Solution allows you to:

• Accept emerging industry standard X9.100-180 files from depositors allowing you to offer one, standard solution.
• Provide Image Analysis and Virtual POD functions to mitigate risk and reduce cost to process image deposits.
• Provide flexible processing options to accommodate a range of client capabilities.
• Provide an open-systems solution that allows you to maximize your existing technology investment.
• Support Back Office Conversion (BOC).

ICL Deposit – Image Cash Letter Deposit Solution Defined

ProfitStars' ICL Deposit Solution uses Alogent Payments Gateway to allow banks to receive and process image cash letter deposits using the image capture platform already in place at the customer’s location.  Alogent Payments Gateway collects incoming deposits, performs duplicate item detection, and formats and feeds appropriate items to your existing systems and archives.  If you wish, you can process individual deposits based on Business Rules unique to each customer. 

While the benefits of Virtual POD are included with our ICL Deposit Solution, optional Image Analysis and Check Conversion can also be configured to implement the most effective image cash letter workflow for your bank, and your customers.

Virtual POD - Our electronic transaction capture and quality assurance engine receives transaction data and images, determines whether the transaction is balanced, and facilitates any needed corrections through image-assisted workflows. The result is assured data and image integrity, with transactions that are balanced and proven earlier in the day.

Image Analysis – Since your bank would neither provide nor qualify the customer’s image capture system, ICL Deposit optionally provides the means to verify image quality, usability, and the image and data integrity of incoming deposits. These quality checks provide extremely high confidence, image quality assurance to minimize your bank’s warranty risk and ensure customer satisfaction.

Check Conversion – Alogent Payments Gateway supports ARC for billers and Back Office Conversion (BOC) for merchants.  This allows financial institutions to provide clients both check conversion and check truncation options, using a single workflow at the client and a single data/image transmission to the bank for processing. 

For more information on these options, please contact your ProfitStars representative.

ICL Cash Letter Solution

Image Cash Letter Deposit Solution Benefits

• Build greater customer loyalty by allowing your commercial customers to use their existing image capture system to send Image Cash Letter deposits to your bank TODAY. 
• Leverage your bank’s investment!  You can use ICL Deposit either stand-alone or in conjunction with a larger scope Alogent Payments Gateway implementation to serve multiple points of presentment (e.g., branch, ATM).
• Expand your customer base with your ability to accept cash letters from any processing system supporting the emerging X9.100-180 standard for image cash letters, and do so without regard to geography or volume. 
• Increase your electronic clearing volume and increase the associated economies of scale in reduced manual effort, paper, and cost.
• Support Back Office Conversion.  You can offer both check truncation and BOC solution processing transparently to your customers.
• ICL Deposit is easy to implement.  Our open-architecture solution will seamlessly integrate into existing legacy payment or image archive systems, and could help you leverage your investment in image analysis and IRD printing systems as well.