Five banks install Littlewood check system.

Five banks have installed check clearing technology from Littlewood, Shain & Co., a developer of check clearing software in Exton, Pa. The system integrates data from multiple sources onto a single system, particularly useful for banks that operate in a multistate environment.

Mercantile Bank, a $11.9 billion asset bank in St. Louis; Meridian Bancorp, a $15.1 billion asset bank in Reading, Pa.; Comerica Inc.'s affiliates in Detroit ($25.4 billion of assets) and Dallas ($3.4 billion of assets); and Citibank, $199 billion.

The PC-based system, called Check Services Model Plus, is an analytical tool that allows banks to pinpoint the most cost-effective means of clearing checks. The product is offered in either an OS/2 or Windows environment.

It comes with three database modules. A deposit profile provides information on dollar and item counts associated with transit routing numbers. An availability schedule offers 140 schedules from major correspondent banks at the Fed and the National Clearinghouse Association. An operational file then serves as a repository of the bank's clearing data, including courier pricing, per-item and cash letter fees, and deadline time.

Twelve other banks have committed to installing the software by yearend.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER