The US bank hopes the system will facilitate the check deposit process by allowing check images to be captured at the branch then sent to a central processing site, with the Source Capture application managing the transactions and directing the results to the bank posting system, image archive and exchange points.
According to Wayne Mekjian, EVP, Wells Fargo, the US bank implemented the software to reduce costs as paper volumes decline: By converting paper to images at the earliest point possible, we are furthering our commitment to end-to-end image-enablement in preparation for reaping the benefits of image exchange. We can make these deposits available for earlier posting, detect fraud sooner, and avoid related transportation expense.
Carreker will also provide its Image Quality software in the licensed product.
Wells Fargo’s utilization of the software comes after Check 21 became effective on October 28, 2004, which permitted financial institutions to truncate original checks and forward their images rather than the checks themselves.
The ability to convert the paper check to image early in the processing path has thus emerged as one of the earliest benefits of Check 21, according to Carreker, avoiding significant float and transportation expense.
