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MSI Checkse Exchanging Images with the Federal Reserve
MSI Image Exchange Vs Paper Exchange Improves Fund Availability and Decreases
Transportation Costs
First National Bank of Elk City First to Exchange with Federal Reserve Using MSI Checkse
Oklahoma City – Myriad Systems Inc. (MSI), a developer and provider of
transaction, document and statement processing and mailing distribution services
and software, announced one of its customers, First National Bank of Elk City is
exchanging images with the Federal Reserve through MSI’s Branch Capture product
Checkse. The Federal Reserve is the nation’s largest processor of interbank
check payments, clearing approximately half of all interbank checks written in
the United States.
“The Federal Reserve Banks are excited to provide our customers with access to
image deposit and presentment services that can help them realize the benefits
of Check 21. Our collaboration with MSI and many other innovative organizations
is leading the industry toward a more efficient and effective payments system,”
commented Korie Miller, assistant vice president at the Federal Reserve Bank of
Kansas City.
MSI Checkse Branch Capture and Check 21 all-digital, paperless, web-enabled
solutions allow institutions to quickly scan transaction items at the source,
such as a teller or back room operator, and digitally move those items instantly
within the institution or from institution to institution. MSI Checkse is a
completely internet based solution that allows financial institutions to get
into Check 21 digital check processing with minimal upfront costs and
streamlined, simple, fast implementation because everything is web based.
Images created using MSI digital Internet-enabled solutions are transmitted to
the Federal Reserve for clearing using the FedForward® and FedReturn® products.
These Federal Reserve products offer customers a comprehensive offering of check
processing solutions designed to help financial institutions benefit from the
opportunities afforded by Check 21.
“MSI was one of the first to receive images through FedReceipt, a continuation
of an established relationship between the Federal Reserve and MSI,” noted Shaun
Riney, MSI President. “The Federal Reserve’s sweeping commitment to the use of
imaging technology for the speed and convenience of electronic truncation allows
seamless integration with MSI’s unique web-enabled technology to allow
institutions to step into the Check 21 world with minimal investment.”
The Federal Reserve Banks offer a full range of financial services to assist
depository institutions in achieving a sustainable competitive advantage.
Services include FedCash®, Check, FedImage® Services, FedACH®, Fedwire® Funds
Service, Fedwire Securities Service, National Settlement Service and Treasury
services. In addition, the Fed offers services designed to support Financial
Services usage, including Account Management Information and Service Charge
Information. For more information about the Federal Reserve Banks’ products and
services, visit www.frbservices.org.
Myriad Systems, Inc. (MSI) has been in business since 1973, providing customized
programming and Information Management solutions to companies ranging from small
businesses to multinational corporations.
MSI primarily serves the financial industry providing web-based solutions,
imaging and data archive, item electronic statement presentation, print and
mailing -- and now our web-enabled Check 21 suite of products. MSI's unique
marketing ability and dynamic graphic development turns the ordinary into
extraordinary.
Providing a “Better then Best” quality of service as well as the latest and most
intuitive technology solutions is the number one goal for MSI and all of its
employees for the past 34 years.
“FedForward”, “FedReturn”, “FedReceipt”, “FedCash”,
“FedImage”, “FedACH” and “Fedwire” are registered service marks of the Federal
Reserve Banks. A complete list of marks owned by the Federal Reserve Banks is
available at www.frbservices.org
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