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| Captovation Announces the Release of Check Capture 5.1 Captovation releases Captovation Check Capture 5.1. The newest version of this check imaging software offers an economical system for forward presentment in the Check 21 electronic check exchange (ECE) environment. Check Capture 5.1 enables financial institutions to capture checks at their earliest point of presentment, encode them using CAR/LAR technology, output a X9.37 file or image cash letter, and transfer checks electronically to a check clearinghouse or paying bank. The X9.37 file format is the industry standard for ECE defined by the American National Standards Institute and adopted by the Federal Reserve Bank. In Check Capture 5.1, a X9.37 file is created after a user has scanned and committed/archived their batch of checks. Then, the X9.37 file is uploaded to a paying institution where it will be cleared electronically or used to print Image Replacement Documents (IRDs). With the passage of the Check 21 Law (Check Truncation Act) in October 2003, financial institutions are capable of capturing the image and MICR data of a check and transferring them electronically to a check clearinghouse or paying bank. Clearing checks electronically is much faster because physical check sorting and shipping of checks can be eliminated. As a result, financial institutions and their customers will have more immediate access to funds, considering it is possible for checks to be cleared on the same day of deposit. Further streamlining the check clearing process, Check Capture's support for CAR/LAR (Courtesy Amount Recognition/Legal Amount Recognition) provides an automated method to capture the dollar amount of the check. Utilizing CAR/LAR will allow banks to reduce data entry of the amount field during the encoding process. Additional features found in version 5.1 include: - New user interface - Users can easily verify and validate each check image and its corresponding MICR data. Check data is displayed to the user in a check item list grid. This grid can be sorted based on check status (verified, not verified), filter (MICR errors, missing required fields) and confidence (rating percentage of CAR/LAR results). A validation details area alerts the user to possible duplicate checks, checks with low CAR/LAR confidence or MICR errors, and any other error conditions. - Manual Cash Letter Support - After committing a batch of checks, users can generate manual cash letters. This itemized listing of all checks must accompany each bundle to be cleared with financial institutions not using electronic check exchange. - Shared Branch Acquirer (SBA) Support - SBA is a cooperative network llowing members of a participating credit union to perform transactions at a location owned by another credit union. This means that with Check 21, the Bank of First Deposit (BOFD) in not necessarily the truncating institution. When processing an SBA transaction, Check Capture 5.1 users will first endorse the BOFD routing number on the back of the check. The routing number is then entered in a data entry field and placed in the X9.37 file upon commit. Captovation Check Capture 5.1 supports scanner models from Canon, Digital Check, and Kodak. This software is being targeted to small and medium-sized banks and credit unions, as well as to merchants with high volumes of check deposits. These merchants would use Check Capture as a remote deposit capture system-sending X9.37 files from their locations to their banks. write your comments about the article :: © 2006 Computing News :: home page |