A new system allows banks to produce their official checks and money orders electronically.
The system, called Teller Connector, promises to increase productivity and streamline operations by allowing tellers to issue, report, and print financial documents from their terminals. Teller Connector -- developed by Integrated Payment Systems Inc., a subsidiary of First Data Corp. -- is an IBM-compatible, PC-based unit that can stand alone or be integrated into an existing LAN-based teller platform.
"We have been using Teller Connector in one of our branches for about three months, and we think the system has the potential to revolutionize the process of issuing checks," said Stephen Hughes, vice president and manager of branch operations for Bank One Arizona.
Mr. Hughes noted four benefits to the new system: the ability to cut check issuance time from more than three minutes to one; the security of eliminating blank-check stock; the opportunity to track fee income and tie in waivers to certain products or bank relationships based on that; and management-reporting capability, which reduces paperwork by handling research and stop-payments.
Although this installation takes place at a large superregional, Charles Brooks, the president of IPS, said that the product is intended for a wide range of banks.