All My Papers Software Reduces Exception Processing by 75%
Automatic Detection and Correction Software for Check/Draft Processing Systems
Saratoga, CA – May 9, 2017 – All My Papers (AMP) announced today that the software application, X9 QUALIFIER, has been added to its X9 IMAGE CLEARING system at a large financial institution for its Draft In-Clearing system. Production results show manual exception processing reduced by 75 % when used in conjunction with the positive pay information from the draft processing system. X9 QUALIFIER, a Windows-based software application, automatically detects and corrects textual data in check image cash letters to match the MICR data on the check image.
Image Cash Letters are estimated to have incorrect data on one percent of incoming items. This is not caused by MICR misread but rather by core systems that incorrectly reconstruct the MICR data. X9 QUALIFIER software automatically compares the MICR data in the check image cash letter (ICL) file with the MICR data on the check image with AMP’s OCR technology. Then it automatically corrects the textual data in the ICL file.
X9 QUALIFIER allows for secure and rapid implementation in check draft processing and positive pay systems. Financial institutions can now minimize the exception processing costs when a check/draft image attempts to clear through its item processing system but account numbers or check serial numbers do not match positive pay records.
“The X9 QUALIFIER Software has helped increase efficiencies and reduce costs associated with the back-end exception processing of draft/check items” says Larry Krummel, President of All My Papers, “the X9 QUALIFER offered easy integration into the pre-existing AMP X9 IMAGE CLEARING server application.
The X9 IMAGE CLEARING server application processes and archives X9.37 Image Cash Letters (ICLs) received from the FRB or other exchange partners.
To find out more about this software, as well as other products, please contact email@example.com
Link to PDF version of the press release. https://allmypapers.com/download/press/AMP_Qualifier_Exception_Press_Release.pdf