Financial institutions can now achieve wide range of cost savings and efficiencies
- Cost savings from reduced courier costs
- Reduced administrative time for checks lost in mail
- Simplified reconciliation with credits for the exact amount of the value of the check
- Faster clearing cycle reduces risk of check fraud
- Enhanced compliance helps monitor and detect illicit activities
TORONTO, March 27, 2018 (GLOBE NEWSWIRE) — AscendantFX, a technology-based payments provider, has launched a new and dynamic technology solution to enable financial institutions to maximize efficiency and cost savings in processing paper checks. Through the Express Check Solution, AscendantFX is expanding its services in the financial institutions industry.
Dan Caputo, Vice President, Global Payment Solutions at AscendantFX stated, “We are proud to offer a new solution that was designed in close collaboration with our banking partners. We have seen that depositing checks causes a disproportionate amount of pain and wanted to simplify the process for our financial institution partners.”
The new solution guarantees a faster clearing cycle for financial institutions by processing check images within one to two business days. Financial institutions will be able to eliminate the ancillary services to support check clearing such as mailing or couriering checks to a central processing area or recovering checks lost in the mail. A faster clearing cycle also significantly mitigates the risk of fraud. By committing processed deposits to a database for research, retrieval and reporting, the risk of fraud is further reduced.
Checks are a commonly used payment method for expenses and invoices. It is a traditionally cumbersome process that has stagnated and fallen behind the pace of innovation. Financial Institutions have faced significant challenges in delivering simple and cost-effective Canadian check clearing processing. This includes the ancillary costs of processing checks which includes courier delivery, cash flow for items that can take six to 12 days to clear and monitoring fraud. Check fraud is the most common payments fraud to affect companies (AFP Payments Fraud and Control Survey).
About AscendantFX Capital Inc.
AscendantFX marries the worlds of technology and international payment delivery to provide award-winning, technology-based payment solutions for financial institutions. The solutions are innovative, customer-focused, and backed by over 250 years of combined experience in the corporate foreign exchange, international payments and FX exposure risk management markets. AscendantFX currently services over 2,000 financial institutions in North America as a trusted international payment provider.