Fiserv will offer replacement services to assist those of its customers affected by the Federal Reserve Bank's accelerated program to migrate its Payor Bank Services to Check 21 products.
Since not all banks are ready to take the total electronic check processing plunge, Fiserv is offering products that can help financial institutions bridge the gap between the legacy world of paper checks and the mass migration toward electronic delivery of check images in both the short and long term.
To address this looming business issue, Fiserv now offers services to replace the functionality currently provided by the Fed Banks, including MICR manipulation, account sorting and totals, and support for existing processes and workflow. The Fiserv Check 21 team will work with clients to develop a long-term strategy for image exchange and provide individual strategies for financial institutions to meet their needs during the transition period and into the future. An example of this is the Fiserv Clearing Network (FCN) that has been offered by Fiserv since 2005 as a Check 21 solution for electronic clearing. FCN currently has more than 700 members.
The Federal Reserve Banks will migrate all Payor Bank Services and formats to Check 21 products starting in July 2008, with completion set for December 2009. The services slated for sunset on July 1, 2008 include most MICR file formats, MICR manipulation, grayscale image capture services and account number sorting/cycle sorting services. The services slated for sunset on December 31, 2008 include all MICR information services, MICR presentment and MICR presentment plus services, account totals services, FedImage File Delivery and FedImage CD-ROM Delivery. In 2009, Computer Interface/Bulkdata connections and MICR Presentment services will also be discontinued.