Thursday, April 17, 2008 Synergent Check Processing and Support Services has recently been awarded a new contract by the Maine Clearinghouse Association to electronically submit check image files, saving its member financial institutions time and money. Under this contract, financial institutions that participate in the Clearinghouse would have the ability to collaborate to submit check files to Synergent before they are forwarded to the Federal Reserve. Synergent has been in the forefront with electronic check collection since Check 21 legislation was introduced in 2004, providing credit unions branch item and merchant capture services.
Dawn Paquet, Synergent Check Processing & Support Manager, said once the participating financial institutions of the Maine Clearinghouse have been converted to a file exchange product, they will be able to join with Synergent to make the entire process of image exchange electronic. Substitute checks would no longer be printed by Synergent, a change that will that will save time and improve accuracy. "In today's environment, because of the physical items, there are many hands physically handling the items, which allows for more opportunity for errors. In the new environment the check, typically, is only handled once," Paquet added.
Members of the Clearinghouse will benefit with greater savings through this cost-effective process than if each financial institution achieved individually. Synergent Check Processing and Support Services will be working with the Maine Clearinghouse members over the next three to six months to implement this contract.
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