(PRWEB) February 11, 2005
Checktech Financial Corporation Introduces Turn Key IRD or Substitute Check Printing System.
ÂSubstitute check printing (IRD) is going play an integral part in accelerating the payment processing system nationwide by allowing non image enabled banks to receive and print substitute checks from the Federal Reserve or from a remote capture site,Â says Brian Boyd, President and CEO of Checktech Financial Corporation.
This innovative product is a Âstand aloneÂ printing system for IRDÂs, which allows non image enabled banks and other processors to take advantage of ÂCheck 21Â legislation at a fraction of the cost of going with even a simple image solution. The product is designed to be a Âturn keyÂ solution for small to medium size banks. It will come complete with Printer, Software, Security IRD paper, software support, installation and MICR toner for under $10,000.00.
It will act as a Âbridge solutionÂ for banks to allow time to allocate money and form a long range plan for image capture. Afterwards banks will still need to print IRDÂs for various reasons.
The system pays for itself very quickly by allowing banks to print two day items, which are normally non local checks, and run them for clearing on their conventional processing equipment and collecting funds on the same day. This saves the Bank of First Deposit float costs associated with two day items. It also allows earlier notification for return items, quicker re-presentment and significant savings in courier costs.
For further information contact:
Checktech Financial Corporation
9 Bisbee Court
Santa Fe, NM 87508
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