New check Truncation and conversion initiatives are contributing to the industry's overall Cost saving and improving the bottom line and to stay competitive.
It is imperative for financial institutions to optimize their payment processing systems and reduce their cost per transaction.
Veracious Clearing House is designed to send and receive from multiple touch points in a centralized, decentralized and distributed environment. Check Truncation can happen at any touch point.
Corporate Remittance and A/R Processing.
The Architecture and the Design allows the Banks to adopt a flexible implementation model. Centralized scanning from a Service branch, Decentralizing the scanning at each sub members and Touch point, and Distributing the Scanning operation to the multi point including the merchant location, Corporate back office to extension counter operations.
Once Veracious captures and converts the file all the Security requirements including Domain level security and User level security are implemented using PKI. (Public Key Infrastructure) which ensures the data and Image integrity and non repudiation. It verifies each transaction and balancing. Veracious qualifies the check image against non-image data through and the data cohesiveness.
Veracious applies all the Risk Management techniques opted by the Financial Institution for data and image quality on each item. Images that are found to have serious and indisputable problems, such as compression or file errors, are rejected immediately. These items are then flagged for return to the presenting institution. All other items are carried forward, with any suspect items flagged for the receiving institution's inspection. If the receiving institution wishes, it can return an item on the basis of image quality alone, referencing the appropriate X9.37 code.
Veracious Clearing system provides a flexible and Routing table driven presentment and to the participating members. It performs the Inward clearing, Outward Clearing, Inward Returns and outward returns and intercity Clearing in multiple clearing sessions which are fully automated.
Veracious Routing and sort table and the clearing schedule allows your financial institution to set up flexible presentment and clearing decisions, which allow you to change parameters on the fly to ensure the optimum presentment and clearing options at any given time, on any given day, under any given scenario.
Veracious supports check truncations using multiple workflows. This unique design advantage allows your bank to utilize the optimum check clearing method, improving float and collection cycles.
Veracious can clear and settle millions of checks each day, to optimize the full transaction cost advantages of check truncation and electronic clearing and settlement.
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