Image Cash Letter (ICL) Deposits
JetScan iFX® Check Processing Solutions Enable ICL Deposits
Electronically process large check deposits the easy way
Check 21 revolutionized the financial industry by enabling a digital image of a check to replace the need for the paper version. Since its implementation in 2004, the industry has made progress towards eliminating paper deposit items. However, the most widely used solution, remote deposit capture, or RDC, has a limited adoption rate of under 15% for commercial business.
Some businesses are not satisfied by the performance of existing scanning devices, others are disillusioned by additional fees imposed by their financial institution, and still others, who handle both cash and checks, want a solution to accommodate their complete deposit.
The JetScan iFX currency and check scanner resolves all three challenges. It scans 400 deposit items per minute – 222% than other scanners. It processes 1,600 bills per minute – 20% faster than other machines. It quickly processes entire cash and check deposits in minutes – all on the same device.
Time savings of up to 56%
Organizations looking for a solution outside RDC should consider deploying an image cash letter or ICL deposit using the JetScan iFX scanner. Virtually every financial institution utilizes ICL applications in its dealings with other financial institutions. Many now support their clients' requirements to deposit via ICL. Cummins Allison recommends ICL deposits for any organization that processes 50 or more checks per day or processes a high value of checks daily.
The JetScan iFX scanner creating an ICL is an easy, cost-effective way to manage deposits electronically. Our users tell us they realize time savings of 22% to 56%.
The process for ICL deposits is very simple. All that is required is a JetScan iFX with Deposit Balancing Manager (DBM) software and a secure internet connection. Scan all deposit items, process the currency (if desired) and DBM creates an ICL file you send to your FI. It's that simple.
Consider all options
For organizations that want to archive deposit information or check images, Image Management Software (IMS) is available as an option.