Image Cash Letter Processing Services
Through its subsidiary, Vertifi Software, LLC, EasCorp offers a full range of image cash letter (ICL) inclearing and out-clearing services designed to save you money, enhance your market share, improve member service, and enable you to display a modern, high-tech image.
Share Draft Processing
Vertifi intercepts your share draft files at the Federal Reserve Bank, and other endpoints, and prepares your daily share draft file for posting.
Vertifi converts the files into any format required by you or your data processor and posts the files for secure download via the Internet.
At your option, Vertifi may also manage check returns on your behalf.
You notify us of check returns electronically by file upload from your data processor or by entering returns online.
Vertifi sends these items to the Federal Reserve Bank for return presentment to the Bank Of First Deposit (BOFD).
All share draft images are processed through our image processing system and stored electronically for seven years, where credit union staff can view them online 24/7.
Members may also view, store, and print check copies through the credit union's home banking service, at no extra cost to you.
Items are displayed in home banking account histories as links to our check image archive.
PDF technology and the free, Adobe® Acrobat® software provide your members with electronic copies of the front and back of cleared checks.
Vertifi has established interfaces with numerous home banking, electronic statement, and data processing providers to offer this electronic service.
Credit unions can download, archive, and research any scanned check image in an easy and convenient manner with Vertifi's Check Archive Tool (VCAT).
Branch Capture Software
Branch Capture is a thick-client solution that enables financial institutions to scan checks received at branches and transmit them via Image Cash Letter (ICL) for collection.
Branch Capture offers a variety of tools to ensure that check images meet all industry standards; image quality tests are performed on each image before transmitting the file for processing.
Optional usability tests can be run to analyze key components including signature, payee, and date fields.
All MICR data is collected during the scan with courtesy and legal amount recognition (CAR/LAR) software detecting the amount written on the check, eliminating the need to enter data by hand.
You can easily repair any errors in the MICR data using Branch Capture's on-board tools.
Once the check images are verified and balanced, Branch Capture then formats the images into files using the industry-standard X9.37 format, which are uploaded to Vertifi for processing.
Branch Capture can quickly and easily identify over-the-counter drafts and mark them for settlement and posting or as "archive only" items.
If you work with subsidiary financial institutions, those subsidiaries can automatically be tagged as the Bank Of First Deposit (BOFD) when the checks are scanned.
You can view all check images submitted in the last 90 days from within the Branch Capture software or view archived check images in portable document format (PDF).
The archive feature makes it easy to export items for local network storage, or to CD/DVD, for later research.
Recap and detail reports provide simple tools for balancing.
All modifications are logged in the Branch Capture system and stored in detailed archival reports which can be used for audit purposes.
Check Collection
Vertifi collects image cash letters (ICLs) through the Federal Reserve and other endpoints.
Vertifi's Check Collection program relies on its Branch Capture software as well as numerous third-party scanning software programs for the teller line, ATM/kiosks, or remittance processing centers.
Image cash letters are transmitted directly to Vertifi via a secure online connection, where we handle the entire clearing process.
Detailed activity reports of your check collection activity can be viewed online.
Vertifi collects cash letters through the Federal Reserve Bank as well as private exchanges.
Credit unions that process their returns with Vertifi and settle with EasCorp are eligible to receive check collection returns electronically through Vertifi's secure online system.