Crestar Bank improves services and saves money by using Source Technologies' FormsPartner® software and secure MICR laser printers
Crestar Bank chose FormsPartner and ST's MICR printers because...
- They improve customer service by reducing the check and money order issuance from 8 minutes to less than 2 minutes
- MICR printers eliminate the use of preprinted check and form stock
- Together, FormsPartner and ST MICR printers cut costs by reducing paper stock by approximately 84 million pieces per year.
About the Customer
Crestar Bank is part of the $26.1 billion Crestar Financial Corporation and has 377 branches located throughout Virginia, Maryland, and Washington D.C. This organization has worked hard to develop a solid reputation based on exceptional service, outstanding value, and convenience.
What We Found
On a typical day, more than 12,000 MICR documents were being processed through Crestar's branches. Each was printed on expensive preprinted paper, requiring unnecessary time and money, and also posing a security risk. The bank had to order, inventory, distribute, and track over 6,000 money orders and checks everyday. Crestar was seeking a solution to convert its "paper trail" into an electronic tracking system, without compromising control over official bank documents, as well as automate the check printing process.
ST Solution
Source Technologies' FormsPartner software and secure MICR printer solution provided Crestar with an on-demand check printing system for every branch. Where it previously took tellers up to eight minutes to produce a check or money order, it now takes less than two.
After a teller requests a negotiable document using the teller system, a data file is sent to the secure MICR printer where it is merged with an electronic form. Electronic forms allow the bank to use blank safety paper instead of preprinted official bank checks to create money orders, cashier's checks and counter checks. A complete check is printed including the MICR line, signature, variable check data and bank logo. Branch and teller numbers can also be printed on each check for easy tracking. An electronic data file created at the teller station has replaced the paper trail that used to lead to Crestar's proof department. Now the data file runs directly to the power encoding system in the item processing department, eliminating redundant operator key entry.
By automating MICR encoding of the various negotiable documents at the teller line, Crestar has increased efficiency, enhanced customer service, and cut costs considerably. In fact, the MICR printing solution was one of the keys in Crestar's decision to go to a power encoding application. Power encoding, coupled with secure MICR printing has helped Crestar to eliminate approximately 84 million pieces of paper per year.