A Top-3 brokerage firm uses FormsPartner® and Source Technologies' MICR printers to improve security
This Top-3 brokerage firm chose FormsPartner and Source Technologies' MICR check printers because...
- FormsPartner gives them the ability to output checks, electronic disbursements, and other negotiable documents in half the time of the original processing system
- FormsPartner and ST's MICR printers work together to improve security and efficiency in their check-printing process, and virtually eliminate the risk of fraud
- The combined solution saves them over $150,000 per month
About the Customer
This Source Technologies customer is one of the three largest brokerage firms in the US. They operate over 600 branch offices serving institutional and personal clients nationwide.
What We Found
The company came to Source Technologies with major concerns regarding fraud in issuing and printing checks. The branches depended on six large regional offices that processed and distributed as many as 150,000 checks each month. Storing and processing large quantities of pre-printed checks at each regional center imposed a high risk of fraud; they needed a way to tighten security in their check-printing process.
Additionally, the firm's check printers were controlled by check-printing commands and print files from a variety of sources (automatic mainframe commands, batch requests, et cetera). Maintaining homegrown integration, plus using dot matrix printers to print checks on preprinted stock, had made check printing a slow, unreliable, and expensive undertaking.
Source Technologies was challenged to deliver a total solution that would address the overall customer needs: Tighten security while improving efficiency and cutting the cost of check printing.
ST Solution
The solution incorporated FormsPartner and Source Technologies' light-production MICR check printers in the company's six regional offices. The old method of data delivery using various custom print streams was consolidated into one process using FormsPartner's built-in application builder, a Windows-based tool that simplifies creation and management of real-time import applications.
Check-printing security was enhanced by deploying FormsPartner with Source Technologies' MICR printers. FormsPartner encrypts the print data all the way to the printer, where it is decrypted for output. FormsPartner also maintains bidirectional control over the printer to prevent unauthorized use. And by taking the variable check information and merging it onto the appropriate electronic form for printing, the need for pre-printed check stock- and the risk of check fraud- is eliminated. In addition to checks, the firm also uses FormsPartner to control printing of other negotiable instruments and secure documents.
The entire solution has virtually eliminated check fraud. Additionally, it has reduced system management and maintenance, cut check processing time in half, and saves the firm over $150,000 each month in printing and postage costs.