The Federal Reserve has introduced FedImage Services, an imaging solution for financial institutions that recognizes the important role image-based services are playing in the migration toward electronic payment systems. The Fed launched FedImage Services at the BAI's TransPay2002 conference in Anaheim, Calif.
FedImage Services is designed to be a total image management solution. From capture to archive to retrieval of check images, FedImage Services provides access, flexibility, and speed by leveraging its national archive and establishing a centrally managed platform to make images available within hours of capture.
The Federal Reserve is the largest single, nationwide processor of checks, overseeing more than 17 billion check payments a year. Together, the 12 Reserve banks process more than one-third of the checks written in the United States. The Federal Reserve's average daily image capture volume exceeds 10.8 million items.
Because the Fed has access to nearly half of the nation's interbank check volume, FedImage Services provides a total image management solution. "FedImage Services provides the ability for institutions to enhance the services they provide to current customers, while providing value-added services to new customers," according to Fred Herr, senior vice president at the Federal Reserve Bank of Atlanta.
The service helps institutions improve cash management flows, achieve more efficient accounting and processing functions, enhance check fraud reduction and offer solutions to generate revenue. It's also designed to meet institutions' corporate and retail check archive needs.
For the past few years, the Federal Reserve has been involved in a collaborative effort with the industry to identify ways to use image technology to improve the check return process. In addition, the Fed is redesigning its infrastructure for providing both paper and electronic check services.