SQN Banking Systems has added image cash letter reconciliation tools to its list of fraud detection and process improvement products for the financial services industry.
SENTRY: Cash Letter generates a daily image cash letter containing all items returned that day in the company's SENTRY: Exception System.
The letter creates an electronic file containing cash letter totals, images and MICR information on individual items transmitted as X9.37 formatted files to the Federal Reserve or other financial institutions.
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"Expediting returned checks reduces bank costs and streamlines the entire deposit transmittal process," said Stan Jaslar, chief technology officer at SQN in Rancocas, N.J. "Financial institutions save time and money on sorting and shipping paper checks across the country."
SQN said its SENTRY suite of exception item processing, image fraud detection tools, automated signature comparison, signature verification and display, transaction analysis and safe deposit operations tools have been used by more than 500 banks and credit unions.
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