As anyone that has ever worked in the money handling end of the retail market will tell ya, check handling is not what it used to be. And according to this press release, it could becoming something even stranger. Enter the world of ‘Turn Key IRD or Substitute Check Printing System‘.
Checktech Financial Corporation Introduces Turn Key IRD or Substitute Check Printing System.
“Substitute check printing (IRD) is going play an integral part in accelerating the payment processing system nationwide by allowing non image enabled banks to receive and print substitute checks from the Federal Reserve or from a remote capture site,” says Brian Boyd, President and CEO of Checktech Financial Corporation.
This innovative product is a “stand alone” printing system for IRD’s, which allows non image enabled banks and other processors to take advantage of “Check 21” legislation at a fraction of the cost of going with even a simple image solution. The product is designed to be a “turn key” solution for small to medium size banks. It will come complete with Printer, Software, Security IRD paper, software support, installation and MICR toner for under $10,000.00.
It will act as a “bridge solution” for banks to allow time to allocate money and form a long range plan for image capture. Afterwards banks will still need to print IRD’s for various reasons.
The system pays for itself very quickly by allowing banks to print two day items, which are normally non local checks, and run them for clearing on their conventional processing equipment and collecting funds on the same day. This saves the Bank of First Deposit float costs associated with two day items. It also allows earlier notification for return items, quicker re-presentment and significant savings in courier costs.