First National Joins the Party
Bank goes live on the Endpoint Exchange Network.
First National Bank (Omaha; more than $16 billion in assets) recently began processing check images for electronic clearing and settlement through the Endpoint Exchange Network. The bank is interfacing its full suite of image-enabled Advanced Financial Solutions (AFS; Oklahoma City) item processing applications to the network. According to First National, its current technology provides a compatible platform to convert from paper-based to image-based check clearing and settlement.
First National began considering clearing and settling check images electronically in early 2004 because of the operational and transactional cost savings associated with electronic check processing, relates Russ Oatman, the bank's senior vice president and division head. "First National is always looking for the most effective way to process payments," he says. "After comparing our mix of check deposits with that of the Endpoint Exchange membership, we determined we could realize cost savings by joining the network," Oatman adds.
"We had an agreement in place by June, installed and tested the product by October, and started live processing the first week in November," he continues. "Even though we worked under a condensed time line, the implementation went very smoothly and the product has subsequently worked great."