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PCBB has a very unique, strategic and collaborative relationship with the Federal Reserve Banks (FRB). Through this unique relationship, PCBB is able to offer volume discount pricing to our respondents using Settlement.
- The FRB offers a broad array of Check 21 services and products – from acceptance of image cash letters to interim “bridge” solutions for respondents that select to cull only high dollar items that the FRB will convert to electronic images.
- Competitive image pricing fee structures.
- A unique, superior clearing model with connections to all endpoints nationwide.
- The addition of increasing numbers of electronic receivers, further lowering costs.
- Market success - as more and more paper volume is image captured and processed through the FRB.
- The FRB’s business model is cooperative and not competitive with banks and other processors.
For more information, link to www.destinationcheck21.com/pcb .
This interactive site contains video case studies of institutions currently using Check 21-enabled services. The site also offers a Business Value Calculator, an online tool to help your institution develop its business case for implementing Check 21 solutions.
The FRB and PCBB partnership helps community banks realize the benefits of Check 21 through the following image capture services:
FedForward SM Image Cash Letter
The FedForward Image Cash Letter Deposit service offers “later than paper” deadlines that allow respondents to significantly improve availability – in many cases obtaining over 99% availability. The respondent can deposit, via electronic transmission, a mixed image cash letter. The FRB will clear the items and present either substitute checks or an electronic file to the paying bank. With this service, respondents will benefit from an increasing number of electronic receivers, as the FRB lowers prices accordingly. New electronic endpoints are published as they become available.
FedReturn SM Image Cash Letter
Automate your day-two processing and transmit a return item image file to the FRB. Per item fees are lower than paper.
FedReceipt SM FedReceipt Plus SM
FedReceipt enables “straight through” electronic processing for the portion of your inclearings that have been deposited in image cash letters with the FRB or converted to images by the FRB to achieve payments system efficiencies.
With FedReceipt Plus, the FRB captures all inclearings cleared as paper and presents an aggregated electronic file. Taken together with FedReturn, FedReceipt Plus enables near-complete automation of your check processing and is priced with incentive credits, in many cases resulting in lower costs for processing inclearings.
FedForward SM Paper Deposit Services
The FRB offers two Check 21 paper deposit services that provide accelerated availability on eligible items.
- The FedForward Cull Service requires no changes to your paper sort patterns. The FRB will “cull” large dollar paper items from standard mixed cash letters and convert them to images for faster clearing.
- As an alternative, depositors who can utilize extra pockets may opt for the FRB’s Accelerated Paper Cash Letter Service, where the entire contents of the pre-sorted paper cash letter are converted to images for accelerated clearing.
Both FedForward Cull and Accelerated Paper Cash Letter Services offer the benefits of Check 21 as respondents move toward full image cash letter generation.
Link below to learn more about the Banking Services we provide!
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