As the bank branch changes and evolves to embrace the “Branch of the Future,” efficiency and automation will be important to enhancing the customer experience. To improve efficiency when it comes to issuing checks, financial institutions should begin with a secure printing software and a MICR printer that integrates into their existing system.
Manual Check Issuance without MICR software
The manual process of issuing checks can be time-consuming, costly, and inefficient, especially when using pre-printed checks and dot-matrix printer or typewriter to print secure documents. The current process most banks use lacks secure printing software, which creates an increased risk of check fraud.
The official check issuance process without secure printing software begins before the branch opens for the day. Two tellers go to the vault, take out a stack of pre-printed official checks, record the numbers on the ledger and distribute them to each teller. At the end of the day, they reverse the process to record and audit transactions from the day. This process is time-consuming and allows numerous opportunities for human error which can increase fraud risk, potential check reject fees, voided checks and customer wait times.
When a customer comes into the branch requesting an official check, the teller:
- Takes one of the pre-printed checks from a locked drawer.
- Pulls up the customer information to manually input the amount, pay-to data, and date for the check.
- Walks the pre-printed check to a dot matrix or typewriter where the variable data is printed on the check
If all of the data prints correctly on the check, the teller gives it to the waiting customer an average of 8-9 minutes later.
Check Issuance with Secure Printing Software
With secure printing software like CheckPartner Enterprise, tellers can easily issue checks in as little as 2 minutes. A MICR software solution requires minimal manual entry which saves time and decreases the financial institution’s fraud risk, potential check reject fees, voided checks and customer wait times.
When a customer comes into the branch requesting an official check, the teller:
- Pulls up the customer’s information and inputs the variable data and selects “Print.”
- CheckPartner Enterprise is working behind the scenes to pull variable data from the correct fields, merges that data with a pre-designed electronic form (in this case an official check form), and prints the completed check in a single printer pass on blank paper.
- The teller simply removes the printed check from the secure MICR printer located at the teller station, without walking away.
This process takes less than 2 minutes.
CheckPartner Enterprise – Secure Printing Software
CheckPartner Enterprise offers a seamless integration with the teller platform which can reduce customer wait times by 75% and eliminate expenses associated with pre-printed check stock. With secure printing software, the check issuance process is automated and allows the financial institution to easily track check data for positive pay or audit trails, and it keeps check images for the institution’s records.
A secure printing software solution aligns with the “Branch of the Future.” To learn more about MICR software, download the product information brochure or watch a video about the check issuance process. If you’d like to learn more about CheckPartner Enterprise, contact our sales team today to get started.
