Financial Services Industry
Industry: Email Alert RSS FeedFederal Reserve Banks launch Check 21 product suite
Bank News, June, 2004 by Anonymous
The Federal Reserve Banks have introduced FedForward, FedReturn and FedReceipt services, a comprehensive offering of check processing solutions designed to help financial institutions take advantage of the opportunities afforded by The Check Clearing for the 21st Century Act. The services will be available to Federal Reserve customers beginning Oct. 28, 2004.
The Federal Reserve's FedForward products, encompassing image cash letter deposit services and paper deposit cull services, offer customers later deposit deadlines for image cash letters and the potential to clear dollars faster and reduce processing costs. The FedReturn product suite, which includes an image cash letter deposit service and several value-added services planned for next year, can help customers reduce risk...
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