Image Cash Letter Processing Services

Share Drafts

Vertifi's share draft processing service is the economical, value-packed way to manage your members' share draft activity. Vertifi intercepts your members' share drafts at the Federal Reserve Bank and other endpoints, and prepares your share draft files electronically for posting. The files are available for secure download via the Internet several times throughout the day, including an early morning file. Typically, more than 90 percent of share draft items are contained in the early morning file, and returns from this file received before 11 a.m. ET earn credit on the very same day, improving cash flow and reducing misuse.

If you have an EasCorp account, Vertifi handles all adjustment activities related to share draft clearings. You simply notify our staff of the adjustment. We debit/credit your account and take over from there, managing the research and correction, saving you staff time and frustration.

Vertifi also manages check returns on your behalf 2 times each day, enabling same or next day credit. You may notify us of check returns electronically by file upload or by entering return information online. Vertifi sends these items to the Federal Reserve Bank for return presentment to the Bank Of First Deposit (BOFD) on your behalf.

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 or electronic statement provider at no extra cost to you. Vertifi has established interfaces with dozens of home banking, electronic statement, and data processing providers in order to provide this service.

With Vertifi's optional Check Archive Tool (VCAT), your administrators can download check images in bulk and store them locally for historical reference. This reduces your dependency on outside parties for long-term control of the data.

Check Collection

Vertifi's forward check collection service enables credit unions to collect checks from any and all locations, e.g. branches, ATMs/kiosks, remittance processing centers, etc., relying upon a least-cost routing system for maximum efficiency and lower costs for you. Image cash letters may be transmitted multiple times per day, directly to Vertifi via a secure online connection, whereupon we perform duplicate item detection and handle the entire clearing process. If you have an EasCorp account, Vertifi handles your settlement and adjustment activity for additional ease and convenience. Adjustment processing can be cumbersome and time consuming. Vertifi relieves that burden by passing the appropriate debit/credit to your account and managing the process from there.

Processing deposit returns is a snap. Images of returned items are presented to you through Vertifi's secure administrative platform and you can redeposit items with the click of a mouse. Vertifi's image return service streamlines return processing, makes more efficient use of your staff's time, and reduces risk.

Vertifi can provide you its proprietary check scanning software "Branch Capture" for seamless integration to the check collection process.

EasCorp members may also collect checks drawn on foreign financial institutions through the Foreign Cash Letter or Foreign Collection Items programs, both of which settle through your EasCorp account.