ELECTRONIC CONTENT INTERCHANGE
BankExchange is a rules-driven background service that extracts data from documents you create like checks, direct deposits, invoices, and more. Extracted data is formatted in accordance with the requirements of the recipient and securely transferred over the internet to the predefined destination.
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.
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.
Please call us at 1-800-948-6293 for more information on automating your bank communications and document routing processes, to schedule a free one-on-one consultation, or to find out more about our other Document Management solutions for the enterprise.