US Bank Standardized Check Clearing Processes

US Bank Standardized Check Clearing Processes

US Bank Improves Compliance With Standardized Check Clearing Processes

One of the largest US Banks, wanted to achieve greater compliance with Check Clearing regulations. They sought Enterprise Iron to plan and deploy a strategy and then standardized check clearing processes by digitizing and capturing checks. This transformed their banking operations from a paper-intensive and highly centralized model to a digitally distributed model. Contributing to the US domination of check usage along with thousands of retail branch locations, they were primed to take advantage of the changes, from the point of presentment (tellers) to back office processing (reconciliation, settlement and clearance). EI’s Banking Industry Consulting services helped them consider their strategic options including Front Counter Capture and ATM, Back Counter Capture, Hybrid and Corporate Deposit Capture as common models in the Banking industry.

Once their strategy was selected they established a program charter and a PMO office to execute the strategy. EI’s Business Transformation services established baselines of current operation models of check processing and defined future state models and operational transformation plans for accompanying the check clearing technology platform changes. EI’s Portfolio Rationalization services helped them assess the current proliferation of regional solutions, select and standardize a best fit solution and program planned the adoption of the standard solution. As a result of partnering with EI, the client improved their compliance with Check Clearing regulation and by streamlining their check clearing technology and standardizing their operational processes, they took risk and cost out of these operations, all in a way that would ultimately improve customer satisfaction and retention.