On-Demand Check Issuance
Issuance of dividend, interest and distribution checks is a costly, yet essential function for securities and brokerage companies. However many companies recognize that issuing checks centrally and manually issuing checks in the branch are both costly and time-consuming processes that can negatively impact customer service. They are asking themselves, "How can we efficiently offer on-demand disbursements to customers in branch locations?"
Source Technologies' comprehensive on-demand check issuance solution combines our CheckPartner™ payment management software and our secure, standard or multi-function MICR (magnetic ink character recognition) laser check printers. Together they provide a fast, cost-effective, and secure way to conduct remote, on-demand printing of MICR checks and other sensitive documents, while maintaining centralized approval and control of the process.
This solution provides a way for local staff to print MICR checks on-site, rather than having to wait for them to be printed and delivered from the main office. With access to CheckPartner, the staff can print MICR-encoded checks in real-time. And, the functionality of the MFP printer includes printing, scanning, copying and faxing. This allows for device consolidation and streamlining of business process workflow.
Using CheckPartner, a disbursement request is submitted. CheckPartner processes the request and upon approval, checks print on-site. Centrally-located staff has total visibility over all disbursements-requests, approvals, issued and printed checks, voids and reprints-in real-time, complete with auditing and reporting functionality.
This system provides many benefits for securities companies and their brokers:
- Ability to request and print checks on-demand in every branch, nationwide
- Centralized real-time monitoring of check-printing activity at all local agent's offices.
- Fully automated control, reporting, and auditing over your check issuance process
- Elimination of check fraud: secure MICR printing eliminates the cost of purchasing, handling, storing, and securing pre-printed check stock
- Distributed check printing eliminates check courier costs
When combined, CheckPartner and Source Technologies' MICR printers offer the most secure way to print checks available today. All data is encrypted through the entire process, from the central location, to the remote PC and all the way to the printer. Source Technologies' printers "talk back" in real-time to CheckPartner, so you always know the status of your disbursements. Complete transaction visibility, electronic auditing, and full reporting make this solution robust and easy-to-use.
On-Demand Check Issuance: Highlights
- Central control and approval is maintained throughout the entire process
- Remote offices print all types of approved checks on-demand, and in real-time
- Easy to deploy and cost effective: Typical return on investment is approximately twelve months