Oce Partners With NetDeposit Regarding Check 21 Efficiencies
Press release from the issuing company
BOCA RATON, Fla., Aug. 5 -- Oce, a global leader in digital document management and delivery solutions, today announced a partnership agreement with NetDeposit, Inc., the leading innovator of distributed capture and end-to-end electronic check processing software, to help financial services providers and bureaus prepare for the landmark Check Clearing for the 21st Century Act, or Check 21 banking initiative by the October 28, 2004 implementation date. Oce and NetDeposit are working to define the industry standard for magnetic ink character recognition (MICR) printer technical compatibility and output quality for the image replacement documents (IRDs) that are key components of Check 21 processing.
Check 21 represents a monumental change for the financial industry as it addresses a longstanding problem -- the handling of over 40 billion paper checks written annually. Traditionally, checks presented at one bank have had to go through a lengthy and costly process to transport the original check for payment at the bank of the account. Now Check 21 authorizes payment from an electronic image or a printed IRD in lieu of the actual check. As a result, payments will be processed faster and at much less cost.
Implementing Check 21 processes will ultimately save money and time and increase competitiveness, but banks and their document services vendors first need reliable printing solutions specifically geared to the special requirements of IRD applications. The challenging new application requires high-speed, high-volume delivery, combined with unique finishing requirements for check-size output and stacking. Oce is developing solutions combining NetDeposit front end software, Oce PRISMA(TM) workflow automation software, high quality MICR output using Oce cut sheet and continuous form digital printing systems and specialized high speed finishing equipment.
"We are continually seeking the answers to the problems our customers face today and into the future, and with our Check 21 initiative with NetDeposit, financial companies won't have to wait for the tools they need to take advantage of the new regulations and provide the most competitive service. We are one of the few vendors in the industry with an active program underway to develop the standards and solutions the banking industry needs to meet this looming change. Our partnership with NetDeposit will let us move these to market even faster," said Carl Joachim, vice president of marketing for Oce North America's Digital Document Systems Division. "As a trusted business partner to the financial marketplace, Oce is committed to helping customers comply with the new regulation and succeed in a very competitive and evolving environment."
With its proven IRD solutions, Oce and NetDeposit will help financial services institutions avoid the high costs of local manual check collection, sorting and routing. Each year, banks spend millions of dollars on these processes. As a result, with the NetDeposit and Oce IRD technology in place, banks can improve their cost structure and provide better customer service through faster, more secure check clearing.
"Through our Printer Partner program with companies like Oce, we're able to offer our customers access to the most reliable and high-quality check imaging system available today," said Danne L. Buchanan, CEO of NetDeposit, Inc. "Oce's leading edge MICR check printing systems, coupled with NetDeposit's Distributed Print Server product, bring banks, third party processors and commercial businesses a secure, integrated and cost effective way to produce high quality IRDs."
Flexible Oce PRISMA automation drives the seamless, end-to-end productivity needed to maintain peak high-volume workflow for IRD applications across printers, finishing, cutters and other components. Via NetDeposit and Oce PRISMA software, Oce digital print solutions can handle the special print stream format required for IRD applications. Oce PRISMA software will channel the application print stream to the appropriate Oce digital printer for reliable production-class IRD output. Oce already offers a comprehensive line of top-quality MICR printers -- from high speed to mid-volume to low range, and in continuous form or cut sheet formats. Oce digital solutions print 8.5"x11" MICR output at 1060 ipm (or 95,400 IRDs per hour), and soon at even faster speeds of 1273 ipm. Now these powerful capabilities are being applied to the specialized requirements of IRD applications. An integrated cut-sheet and continuous feed system for IRD workflow, all managed through Oce PRISMA software, makes it much easier to manage IRD printing and reprints. Customers will be able to print on cut sheet output just as easily as long run jobs run on continuous feed devices.
Oce solutions successfully address all the particular challenges of IRD applications, such as absolute printing consistency to ensure the MICR line is just as reliable on the first document as on the millionth, and to maintain quality across the wide variety of check styles and endorsements. To deliver the total printing integrity required for negotiable instruments, Oce provides front-to-back optical verification within the printer and optional external camera systems to monitor printed data for maximum security. In addition to the high-quality output needed for maximum readability, Oce and its partners are addressing the unusual finishing requirements of IRD documents, which must measure 3.66" or 4.292" in height to comply with Check 21 X9.90 standards, and then prepare 8" stacks for handling and routing.
As a member of the ANSI ASC X9B committee, Oce is directly involved in creating and revising MICR standards that impact Check 21 documents. As an active participant, Oce can protect customer's interests and ensure they have access to the newest standards as soon as possible and pass all certifications with Oce products.
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