By Suzi McNicholas | June 14, 2017
When we speak to financial institutions about issuing official checks in the branch, we often find that their current process is a manual one, involving pre-printed checks and a laser printer, dot matrix printer, or even a typewriter, believe it or not!. Sometimes the financial institution struggles to see the ROI in changing their process to an automated, secure MICR solution, since it involves an investment of capital to purchase the MICR hardware and software. However, a secure MICR solution actually saves money, and most of our customers see a solid ROI in less than two years.
By Suzi McNicholas | May 31, 2017
Accounts Payable is a critical function of every business, and it’s important that invoices are paid quickly and efficiently. While personal check payments have been declining over the past decade, the majority of businesses still use check payments to pay their bills, according to the Federal Reserve’s 2016 Payment Study.
By Suzi McNicholas | May 17, 2017
The first ATM was installed in 1967 at Barclay’s Bank in London, and introduced a new level of convenience to banking that had not been done before it. However, since this ground-breaking advancement, self-service banking technology has remained largely the same.
By Kevin Forrester | May 03, 2017
According to the Federal Reserve’s 2013 Payment Study, overall check payments have declined over the past 10 years. While check payment decline isn’t breaking news or surprising for most people, it’s compelling to look at check payment usage among the growing number of payment options available today. So, the question remains, what does the futurehold for the humble paper check?
By Suzi McNicholas | April 20, 2017
Consumers in the United Kingdom were introduced to self-service banking with the world's first ATM at Barclay’s Bank in London in 1967. The United States was quick to follow with a banking transformation of their own using the same cutting-edge technology, with the first install of an ATM at Chemical Bank in Rockville Centre, NY in 1969.
By Keith Hamilton | April 05, 2017
A new global standard for self-service kiosks began with the EMV liability shift in early October 2015 for self-service kiosks, ATMs and POS terminals. This shift highlighted potential issues that could lead to fraudulent transactions and has since caused many businesses and banks to increase their focus on security.
By Keith Hamilton | March 22, 2017
The finance industry has been ramping up their “Branch Transformation” projects for several years now. The digital revolution has prompted banks and credit unions to think beyond traditional banking methods and focus on bridging the gaps between their channels: online, mobile, ATMs, call centers, and the brick-and-mortar branch.
By Kevin Forrester | March 08, 2017
Of all the teller tasks in a bank branch, the most painful and time consuming is manual check issuance. Cashier’s checks or money orders can be particularly cumbersome, but issuing any negotiable document in a branch is fraught with expense and risk if you aren’t using an automated check-issuance solution including secure MICR printers and check-printing software.
By Suzi McNicholas | January 25, 2017
At Source Technologies, we developed a personal teller machine to make the bank branch a self-service retail experience for customers requesting more autonomy.
By Kevin Forrester | January 11, 2017
Many businesses and bank branches incorporate automation to help their businesses run more efficiently and to provide their customers with optimal service. For businesses that require the ability to print checks safely and efficiently for their day-to-day operations, secure MICR check printing software is a key consideration.
By Keith Hamilton | December 21, 2016
Financial institutions have been talking about “branch transformation” for several years now, and the “Branch of the Future” for decades. Meanwhile, there has been a digital revolution overtaking virtually every other aspect of our lives.
By Suzi McNicholas | December 14, 2016
Source Technologies attended Money 20/20 for the first time in October. The event is billed as “The World’s Largest Payments & Financial Services Innovation Event,” and with over 10,000 attendees, 500 speakers, and 20 content tracks, it’s certainly the largest payments & financial services conference we’ve seen.
By Kevin Forrester | November 16, 2016
With 75% of all B2B payments made by check,1 the risks of check fraud should be a concern for all B2B organizations accepting and sending payments. By engineering distinct security features for printers, Source Technologies has designed secure print solutions for B2Bs to minimize their risk of check fraud.
By Suzi McNicholas | October 26, 2016
Our team at Source Technologies just returned from the BAI Beacon 2016 conference in Chicago. Known for years as the Retail Delivery Show, BAI changed the format this year to introduce content in a more rapid-fire environment, with multiple sessions happening simultaneously in one large room.
By Tim Baker | October 12, 2016
With more and more iPhone and iPad users getting used to simply using their fingerprint to unlock devices, it begs the question: why aren’t more companies adding this technology to their products?
By Kevin Forrester | September 21, 2016
As the nation’s biggest “company,” the government faces ongoing budget challenges, fraud risk, and the never-ending task of protecting data. Various government agencies still rely heavily on issuing checks for payroll, accounts payable, welfare and social security payments. When these government agencies utilize a secure check printing solution, their costs and security risks are significantly reduced.
By Tim Baker | August 31, 2016
As new technologies enter bank branches, self-service kiosks are offering the convenience that consumers are seeking in the branch. Source Technologies offers the Personal Teller Machine, a self-service kiosk that allows customers to conduct 90% of transactions traditionally handled by a teller.
By Kevin Forrester | August 17, 2016
Believe it or not, there are thousands of financial institutions in North America that still issue official checks using pre-printed checks, a dot matrix printer and sometimes even a typewriter. This manual process is expensive, risky and time consuming.
By Suzi McNicholas | July 27, 2016
More and more retail businesses today are seeking solutions for easier in-store billpay and cash acceptance. At Source Technologies, we understand the need for a self-service system that is affordable, configurable and secure.
By Kevin Forrester | July 06, 2016
At Source Technologies, we developed CheckPartner Enterprise software and combined it with our secure MICR check printers to make up our secure accounts payable and payroll check software solution.
By Tim Baker | June 15, 2016
One of the most popular reasons for walking into a bank or credit union branch is to make a withdrawal. Of course, an ATM can fill the need for cash, but only if you want $20 bills. What if you want $100 in cash, but all in $5 denominations?
By Suzi McNicholas | June 08, 2016
MICR toner quality depends on several factors working together to create secure printing solutions, so how do you decide which toner and toner cartridges are ideal for your solution? When choosing a quality MICR toner for your MICR printer consider 3 things:
By Keith Hamilton | May 18, 2016
Since launching our Personal Teller Machine (PTM), we’ve spent a good deal of time explaining to customers and prospects the difference between Personal Teller Machines and ATMs.
By Suzi McNicholas | May 11, 2016
According to Gallop, 80% of new bank accounts are still opened in a branch instead of online or over the phone. With each new account opened, the financial institution typically issues a set of pre-printed temporary checks for the customer to use while their personalized checks are ordered and shipped.
By Tim Baker | May 04, 2016
According to Aite Group, in-person bill payments represent almost $450 billion each year. Processing such a large number of in-person payments can be expensive and problematic for retailers and utilities, especially without a retail self-service kiosk.
By Tim Baker | March 23, 2016
Financial institutions are adopting self-service kiosks such as Source Technologies’ Personal Teller Machine, to enhance their overall customer experience. The Personal Teller Machine allows customers to complete routine transactions without assistance from a teller.
By Suzi McNicholas | February 18, 2016
With the evolution of consumer banking rapidly progressing, consumers not only appreciate, but expect a seamless user experience. Financial institutions that offer self-service banking solutions, such as Source Technologies’ Personal Teller Machine, allow customers to automate routine transactions.
By Kevin Forrester | February 03, 2016
Official checks. You also know them as cashier’s checks, counter checks, teller checks and certified checks. Regardless of the type of official check, the process of issuing or printing checks is usually painful for both the customer and the teller due to the amount of time it takes.
By Tim Baker | January 21, 2016
The internet and smartphones have escalated our adoption and expectation of self-service solutions. No need to call for takeout – just place your order online. Want some new music? Just download it to your phone. Buy concert tickets, watch movies, and get your news wherever you are, all with the click of a button.
By Suzi McNicholas | December 09, 2015
The evolution of consumer banking is rapidly changing. With new technological advances such as Personal Teller Machines to staff changes, the face of the traditional bank branch is changing.
By Keith Hamilton | October 29, 2015
“Branch of the future” and “branch transformation” are still hot topics in the retail banking industry. The team at Source Technologies just returned from another BAI Retail Delivery show, this one in Las Vegas, NV.
By Suzi McNicholas | October 21, 2015
What’s in a check? A lot more than you might think. The quality of any Magnetic Ink Character Recognition (MICR) document depends on several components. It’s critical to have a secure MICR printer and blank check stock working together to eliminate the expense and risk associated with pre-printed checks, but without a quality MICR toner cartridge in place, even the best hardware in the world won’t ensure your check meets Federal Reserve's MICR standards.
By Suzi McNicholas | October 05, 2015
When was the last time you were completing a transaction on a self-service kiosk? It was likely at a grocery store self-check-out or an ATM machine. If you were only buying a few groceries or needed a cash withdrawal you would be good, but if you had a more complex transaction you may have needed assistance.
By Suzi McNicholas | September 23, 2015
Source Technologies will be demonstrating our new self-service banking kiosk, the Personal Teller Machine, at BAI Retail Delivery in Las Vegas. Get a sneak peek of the Personal Teller Machine.
By Tim Baker | September 16, 2015
The USA Patriot Act was was passed in 2001 in response to the attacks of 9/11 and requires that all financial institutions create anti-money laundering programs to fight schemes that may be financing terrorist activities. Not only are financial institutions required to confirm client identities, but they must also keep a detailed analysis of how they do it.
By Suzi McNicholas | September 09, 2015
At the grocery store, most of us with a few items in our basket will choose self-check-out. It’s easy, quick and intuitive, and you’re on your way home instead of waiting in a line. But if you have a cart full of groceries, you go to the cashier because you aren’t going to be able to do it any faster, right?
By Kevin Forrester | July 13, 2015
Who Still Issues Check Payments? Companies. The most common primary payment method between companies is by check. According to the 2016 AFP Electronic Payments Survey, 94% of organizations report that...
By Keith Hamilton | June 24, 2015
What’s the Difference Between an ATM and the Personal Teller Machine? We get this question quite often. At a high level, the difference between an ATM and the...
By Suzi McNicholas | June 17, 2015
Banking is at the highest risk of disruption, demanding reprioritization of the customer experience. Learn about self-service kiosk pilots and savings within banking.
By Kevin Forrester | May 20, 2015
Not All Check Printers Offer the Same Benefits Laser check printers are used in many brank branches today for check printing. However, there are several factors these printers do not...
By Kevin Forrester | May 06, 2015
How much money will a MICR printer solution save my branch? The Typical Financial Institution & MICR Printer Savings Let’s take a hypothetical look at what the savings...
By Kevin Forrester | April 22, 2015
Two Words: Cost Savings This may seem counterintuitive. After all, a secure MICR check printer costs more than a regular, non-secure MICR printer. That’s because there are...
By Suzi McNicholas | March 27, 2015
Banks are starting to focus more on the customer in ways that answer the call for more personalized and more efficient banking capabilities. Investing in self-service banking is part of...
By Keith Hamilton | March 11, 2015
Retail Banks Go Digital Retail banks have spent a lot of time and money in recent years embracing mobile technology and implementing online banking platforms. And rightly so: today&rsquo...
By Keith Hamilton | February 25, 2015
There is No Substitute for Great Service As retail banks evaluate “Branch of the Future” strategies for optimizing their branch networks in the Age of the Customer, it...
By Keith Hamilton | February 11, 2015
The Branch of the Future Demands an OmniChannel Experience In recent years, U.S. banks have been focused on providing multi-channel strategies, which simply means that banks have been investing...
By Kevin Forrester | December 17, 2014
Preventing Healthcare Fraud with Secure Prescription Printing The interlocking of the healthcare and pharmaceutical industries create one of the largest verticals in America. In 2013 alone, approximately 4.2 billion prescriptions were issued...
By Suzi McNicholas | November 26, 2014
Self-Service Kiosks in the Bank Branch: One Hot Topic The Source Technologies team just returned from what is arguably one of the top two retail banking events in the U...
By Kevin Forrester | October 29, 2014
Data and Access Protection Afforded by Secure MICR Check Printers For check-printing applications such as counter checks or official items, the majority of banks in the U.S. still...
By Tim Baker | October 22, 2014
The underbanked consumer market currently encompasses over a quarter of American households, totaling 30 percent (or 34 million households). Most highly represented by two age groups, individuals 45-54 years of age and 2...
By Suzi McNicholas | October 10, 2014
According to the Association of Financial Professionals, a 2012 study discovered credit unions face approximately $17,000 in loss every time a fraudulent act is successful. Pre-printed check stock is “live”...
By Kevin Forrester | October 01, 2014
Bank branches typically utilize numerous kinds of checks for a variety of application-specific needs. From official checks for guaranteed fund transfers to trust department needs, blank check paper, secure MICR...
By Keith Hamilton | September 24, 2014
The Introduction of the ATM & the “iPhone Effect” The first ATM was installed in 1967 by Barclay’s Bank in London. Ground-breaking in its introduction of convenience,...
By Boyce White | September 17, 2014
1. Paper jams and multiple sheets being fed at a time because the check stock hasn’t been properly separated The best way to separate blank check stock and reduce...
By Suzi McNicholas | August 28, 2014
According to the Association of Financial Professionals, paper checks are still the most vulnerable payment type when it comes to fraud attacks. However, there ways to reduce this risk. Secure...
By Suzi McNicholas | August 21, 2014
The term “MICR” is an acronym. It stands for Magnetic Ink Character Recognition and refers to the special numbers at the bottom of checks that include the account number, a bank’s routing number, check number, etc. Both MICR ink and MICR toner is used to print the special numbers, also known as the MICR line, on checks.
By Kevin Forrester | July 18, 2014
When a customer opens a new bank account, they are given a pack of pre-printed temporary starter checks to use while their personalized checks are ordered and shipped.
By Suzi McNicholas | July 01, 2014
A MICR printing solution that uses secure blank check stock can save your company money. Blank check stock saves on the cost of paper and internal processes, for a savings of up to 82%.
By Suzi McNicholas | June 16, 2014
Walk through a day in the life of a teller issuing cashier’s checks using pre-printed check stock, rewind, and then walk through the teller’s day using Source Technologies’ in-house check printing solution.
By Suzi McNicholas | December 06, 2013
Magnetic Ink Character Recognition, also known as MICR, is required by the Federal Reserve to be on all checks. It is the type of toner used to print the font at the bottom of checks and other documents.
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