Open Solutions Implements Fed'sElectronic Payment Process

Register now

GLASTONBURY, Ct. - (12/22/04) -- Open Solutions Inc. said it hassuccessfully tested and implemented image cash letter processingutilizing the Federal Reserve Banks' FedForward product. Thecompany was the first item image processor to successfully send aFedForward electronic image cash letter to the Feds' banks.FedForward is the Fed's solution to suppor Check 21 and is designedto clear checks faster, reduce transportation, streamlineoperations and extend deadlines. Separately, Bank of America saidTuesday it became the first bank to deposit a FedForward Image CashLetter with the Fed. The deposited check images were transmittedelectronically to Federal Reserve Banks across the country forpresentment to the paying banks as images or substitutechecks.

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