Banco Popular Gained Control Over Their Payment Processes


01. Background

About Banco Popular

Banco Popular de Puerto is the largest bank in the commonwealth of Puerto Rico. The bank leads the deposit and loan markets on the island with over $20 billion in assets. It operates through an extensive network of 193 branches in the commonwealth, as well as about 30 mortgage offices and nearly 40 Popular Finance locations that offer small consumer loans.

02. Challenges

What We Found

The bank maintained 26 different types of checks which required significant effort and cost to purchase and maintain. The bank used a back office system to print and issue checks in the branches which was unreliable, difficult to manage, and did not allow check reprints. And because the payment data was distributed over several different mainframe applications, they did not have the visibility or reporting capabilities they needed to stay on top of disbursements.

03. Solution

Source Technologies’ Secure Printing Solution

Banco Popular chose Source Technologies’ CheckPartner™ Enterprise (CPE) secure printing software. This is a secure, server-based software that enables users to view, manage, and print checks from any data source, with remote users being able to connect via a secure internet browser.

Source Technologies delivered CPE along with our encryption-secured MICR printers to replace the existing system. Banco Popular now prints any type of check on-demand in every branch location with a system that is reliable and easy to manage. They have a single interface for managing their disbursements, regardless of the payment data source. CPE provides reprinting capabilities plus it gives them needed online visibility and reporting, and centralized control over all of their payment processes.

Learn more about our secure MICR Printers

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