RemitPlus® * - Automated end-to-end payment processing
RemitPlus is an automated electronic check processing solution that simplifies the remittance process by providing banks the ability to scan and capture images of checks and payment vouchers, stubs or coupons. This affordable, turnkey check scanning and imaging solution enables banks to transfer processing of checks from their back office environment to their commercial customers’ locations. Because of its scalable design, RemitPlus is ideal for a large merchant to the smallest nonprofit organization as well as the largest lockbox providers.
RemitPlus’ simple red-light, green-light functionality allows users to learn quickly and batch checks the same day as installation. RemitPlus scans from a desktop scanner and routes the images via an x9.37 cash letter. This solution’s advanced character recognition (CAR/LAR) reads and stores the amount, endorses the checks, and saves the selected identifiers from the coupons – whether free-form, barcode, or OCR. This significantly reduces the errors generated
through manual entry. The operator can view the front and back of the check image while correcting any misread items. This solution converts all paper checks into an electronic funds transfer (EFT) and transmits through the secure ACH or Check 21 image exchange network. The check is converted to an Image Resource Document (IRD) to initiate a one-time debit, and deposits are credited within 24 to 48 hours.
In addition to RemitPlus’ imaging and endorsing capabilities, this innovative solution’s archival features ensure that banks are complying with Check 21 regulations. Enhanced search features offered with this solution allow for instant image retrieval of IRDs, and provide users with fast and easy research capabilities. A payment can be searched by amount, account number, name, and more.
This solution alleviates the time, effort, and resources needed to process and post check and payment stub transactions in one easy step – especially on high volume days when paper check deposits are delayed because incoming payments exceed load-leveling. RemitPlus saves banks’ labor costs because it eliminates the need for multiple employees to sort, reconcile, process, endorse, manually post payments, and courier checks. RemitPlus also eliminates the need to manually post payments to accounts receivable. When the batches are balanced, users can click a button and the software extracts all the information and creates a posting file that can be exported to almost any billing system.
In addition to saving money by reducing the per-transaction fees encountered with paper check processing, this solution mitigates fraud exposure by limiting paper check handling.
RemitPlus is another ProfitStars solution that ensures banks are leveraging technology to maximize profitability, improve business efficiency, enhance security, and better meet the growing demands of their customers.
RemitPlus offers the ability to scan not only checks but payment stubs and remittance coupons as well. The system captures both front and back images of both the check and the coupon which can be burned to a CD or stored on a computer making the documents easily and instantly searchable. No more tedious copying and filing, the images you need are right at your fingertips.
* Provided by Jack Henry & Associates' ProfitStars® division.