Magazine article American Banker

EDS and Nationar Offer Check Imaging Services

Magazine article American Banker

EDS and Nationar Offer Check Imaging Services

Article excerpt

As a handful of financial institutions send out their first image-based check statements to customers, outsourcing companies have begun selling the technology in service bureau arrangements.

Last week EDS Corp. in Dallas -- the nation's largest outsourcing company -- announced that it has begun offering check image statement services through its West Coast remote-processing facilities.

Image statements contain laser-printed copies of customers' canceled checks, eliminating the need to mail back the items themselves.

In addition to EDS, New York-based Nationar also offers image statement services through a service bureau.

EDS Aims st Big Banks

However, EDS officials said the company is concentrating on large-volume check processors at first, while Nationar has focused its marketing to smaller institutions.

"It's been a waiting game for some time now, but it's pretty obvious that the technology has arrived," said George Dalton, chairman and chief executive officer of Milwaukee-based Fiserv Inc., another bank outsourcing company that is planning to offer a check imaging service. "The entrants should be jumping in with both feet over the next few months."

Image statement are gaining popularity with bankers because the service is viewed as a fee generator as well as a way to cut mailing costs.

While a number of large institutions, including BayBanks Inc., Boston, and Central Fidelity Banks Inc., Richmond, have installed check image statement systems on their own, the technology is generally considered too expensive for banks with lower volumes of checks. …

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