Solutions > Interchange
Document Content Interchange
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Do you need to take measures to ensure that your organization doesn't become a victim of check fraud?
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Do you need to securely exchange content from documents with your bank, customers and/or trading partners?
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How much time and money could you save by automating the process of digital document content interchange?
The Solution: BankExchange by Digital Designs
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 transfered over the internet to the predefined destination.
One of the most popular applications for BankExchange is for enabling positive pay, a banking service that allows your financial institution to electronically validate cashed checks against your transmitted register. With positive pay your bank assumes liability for any fraudulent check drawn on your account.
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.
Want More Information?
Click here for a solution sheet showing features and system requirements.
For more information on automating your Account Reporting and Bank/Document Content Interchange Processes, to schedule a free one-on-one consultation, or to find out more about our other Document Management solutions for the enterprise, contact us today!
Digital Designs, Inc.
1501 Charlotte Avenue | Monroe, NC 28110
800.948.6293 x 123
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