<p>BOSTON – The Federal Reserve Bank this month launched what it calls a “total image management solution” that allows processed checks to be available as electronic images within hours. FedImage Services was launched at the BAI’s TransPay Conference held May 7-10 in Anaheim, Calif. “From capture to archive to retrieval of check images, FedImage Services provides the most comprehensive access, flexibility and speed by leveraging its national archive and establishing a centrally managed platform to make images available within hours of capture,” according to a statement from the Fed’s Financial Services Policy Committee in Boston. The Fed is the largest single, nationwide processor of checks, handling more than 17 billion a year. Its current average daily image capture volume exceeds 10.9 million items. Together, the system’s 12 banks process more than one-third of all checks written in the United States, more than $14 trillion worth annually. Developed in a collaborative effort with the industry, FedImage Services was designed to help financial institutions manage cash flow better, improve accounting methods, detect fraud better and offer value-added services, the Fed said. The new service “is supported by a national infrastructure of image storage, telecommunications, Web access tools and media delivery services,” said Steve Whitney, senior vice president at the Federal Reserve Bank of Boston.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.