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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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