What is BankExchange?
BankExchange simplifies the process of
securely transmitting check and Automated Clearing House (ACH)
transactions to your bank and receiving account reconciliation
information from your bank. An interactive graphical user
interface provides for one-time set-up of rules for mapping
an application data file to the standard required by each
individual bank.
How BankExchange Works
According to Ernst & Young more than
500 million checks are forged annually with losses totaling
more than $10 billion. BankExchange will transmit a record
of each check generated on your system to your bank enabling
your bank’s positive pay service. With positive pay
your bank assumes liability for any fraudulent checks written
on your account. BankExchange supports ACH transactions, allowing
your company to automatically make employee, business-to-business,
tax, and other electronic payments through direct computer-to-computer
bank communications.
BankExchange also supports the retrieval
of reconciliation transactions from the bank. These transactions
can be electronically processed against your enterprise software
open check files to eliminate the time consuming process of
manually entering cleared checks to reconcile your accounts
each month.
User Benefits
With check fraud and counterfeiting
reported among the fastest-growing crimes affecting the nation’s
financial system, BankExchange can limit your company’s
liabilities, save valuable time and money spent on traditional
payment processes, and provides peace of mind. Labor and inventory
costs associated with physically producing and mailing checks
are reduced through paying bills, payroll, and other payments
electronically.
Get More Information
Download our complete brochure here:
Call 800-948-6293 |
