Earnings Performance Group Inc. of Short Hills, N.J., signed two agreements for its return item processing system.

Transys, the Philadelphia-based check processing business affiliated with CoreStates Financial Corp., will use the system. In addition, Global Processing Alliance Inc., the newly formed check processing utility owned by First Fidelity Bancorp. and Bankers Trust Co., signed an agreement to implement the product.

Available on a PC-based or mainframe platform, the system automates a majority of the return item processes. Developed with First Tennessee Bank, the system integrates the use of current transaction processing systems and data base analysis into an automatic disposition of items, reducing the number of items that must be keyed in manually. It will soon be capable of handling image processing.

Global Processing Alliance will replace its two return item processing systems, consolidating redundant hardware, software, and various processes, and establishing a standardized processing system.

Transys provides a range of payment solutions to banks, including check and return item processing, electronic check presentment, and related deposit and payment services.

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