Standard Register Launches Comprehensive Outsourcing Program
Press release from the issuing company
DAYTON, Ohio--April 27, 2004-- Standard Register, a leading provider of business process improvement, document management and other information solutions, today announced the launch of a comprehensive program of managed services to help financial institutions take advantage of the significant cost savings that the Check Clearing Act for the 21st Century (Check 21) was designed to create.
The new federal legislation, which goes into effect October 28, 2004, creates a new negotiable instrument, called a substitute check, which is an electronically imaged check that has the same legal validity as the original paper check. By moving from paper to this electronic substitute, banks will be able to speed check processing while eliminating many of the costs associated with processing paper.
"Check 21 is truly revolutionary legislation. For the first time, financial institutions can begin thinking differently about checks -- not solely as paper documents constrained by traditional labor and capital-intensive operations, but as highly efficient forms of payment," said Donna Beladi, vice president of business development and marketing for Standard Register. "With our comprehensive outsourcing program, we can help financial institutions transform their collection and return process which should result in a substantial savings in transportation and processing costs."
Standard Register's Check 21 program includes three key services -- production of the substitute checks, processing of check statements with imaged checks, and an end-to-end program for creating and delivering insufficient fund (NSF) notices, year-end tax reporting and other highly personalized communications to customers.
According to Beladi, Standard Register's expertise and technology will help facilitate smooth implementation of Check 21 for its customers. As a member of the Accredited Standards Committee (ASC) that develops the standards for substitute checks, the company is conversant with regulatory requirements. Its data processing, digital printing and Internet-presentment capabilities enable financial institutions to produce and deliver these highly customized statements and communications electronically or via traditional mail in a timely, cost-effective manner. Moreover, she reports that Standard Register has stringent security standards and controls in place for hosting and processing customer data, as affirmed by a Statement on Auditing Standards (SAS) 70 Type II examination conducted by Ernst & Young in 2003.
"With Check 21, financial institutions have the opportunity to streamline their processes and achieve new cost efficiencies," Beladi commented. "Our program of managed services will help our customers realize those goals, without having to tie up internal resources for implementation."
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