Peoples Savings Bank of Indianola, Iowa, is using software from Community Banking Systems to send check images to the Federal Reserve banks.
The $104 million-asset Peoples is sending image cash letters and clearing transit checks through the Fed's image services, CBS said Tuesday. Peoples began using the Dallas vendor's imaging software in 2001 to present check images online. This year the bank began using the software to transmit images to the Fed.
Clearing checks through the Fed has improved efficiency and reduced check processing expenses, Peoples said.
"We have increased operational efficiency and experienced tremendous savings from the discontinued use of courier services," Wayne VanderTuig, an executive vice president with the bank, said in a CBS press release.
