Wachovia and Federal Reserve Implement Electronic Check Presentment with Image-to-Follow

Strategic Insights -

Wachovia, the nation's fourth-largest bank, has begun receiving check images from the Federal Reserve Bank using technology from Advanced Financial Solutions (AFS). This deployment enables Wachovia to move a critical mass of truncated check transactions from the Federal Reserve using electronic check presentment (ECP) with image-to-follow. The partnership between Wachovia and the Federal Reserve offers Wachovia access to a large number of financial institutions through one access point, fostering increased check image processing for all involved institutions.

Key Takeaways:

  • Wachovia has begun receiving check images from the Federal Reserve Bank using technology from Advanced Financial Solutions (AFS).
  • The AFS xVision solution enables Wachovia to move a critical mass of truncated check transactions from the Federal Reserve using electronic check presentment (ECP) with image-to-follow.
  • More than 1,300 financial institutions use the Federal Reserve's FedImage Services.
  • Each day, the Federal Reserve Banks capture digital images of nearly 10 million checks on behalf of financial institutions.
  • Over 5.2 billion images are stored in the Federal Reserve's national archives.
  • The partnership between Wachovia and the Federal Reserve establishes the foundation for Wachovia's Check 21 strategy.

Statistics:

  • Over 1,300 financial institutions use the Federal Reserve's FedImage Services.
  • The Federal Reserve Banks capture digital images of nearly 10 million checks per day on behalf of financial institutions.
  • Over 5.2 billion images are stored in the Federal Reserve's national archives.

Sources:

  • "Wachovia Corp. Announces Electronic Check Presentment with Image-to-Follow," Market Wire via COMTEX, September 29, 2004
  • "About Wachovia," Wachovia Corporations website
  • "About Advanced Financial Solutions," Advanced Financial Solutions (AFS) website
  • "Federal Reserve Announces FedImage Services," Federal Reserve website
  • "Metavante Corporation Announces Acquisition of Advanced Financial Solutions," Metavante Corporation website