Getting Ready for Check 21

Today, Dec 2003

Firms Add Check Exchange Consulting to Their Offerings

Payment processing solutions provider Wausau Financial Systems (WFS, www.wausaufs.com) has added professional consultative services dedicated to evaluating an organization's readiness for Check 21.

With WFS' consulting for Check Exchange Management, an organization will become aware of business practices that already meet Check 21 requirements as well as learn of areas that are in need of modification to comply with Check 21 legislation. The evaluation process consists of a two to three step program, and includes the following:

* An initial review of current processes.

* Development of a business strategy that makes the most of the Check 21 legislation, including a cost-analysis (clearing and processing now vs. using new technologies) and recommendations for the organization's environment, taking into consideration current infrastructure, number of locations and strategic direction.

* An optional add-on, project management for implementation of Check 21 services, including partnering with an IRC (e.g. NetDeposit) and implementation of image capture at the branch or teller.

"With the advent of the Check 21 Act, institutions are seeking information on how it will affect their business and how to adapt their business models to take advantage of the legislation", states John Koci, president and chief operating officer at Wausau Financial Systems. "Our service provides the information and guidance to institutions that allows them to take full advantage of the innovations that the Check 21 Act presents."

"Check 21 legislation offers more challenges, and with that, more opportunities, for the banking industry than any other event in recent history" comments Jan Cox, assistant vice president consultative services at Wausau Financial Systems. "I believe our service provides a very realistic approach-helping financial institutions take full advantage of this new day in banking."