Check Reconciliation System (CRS)
The Check Reconciliation System (CRS) automatically reconciles issued and paid checks and can be used to reconcile internal items such as official checks. CRS allows an institution to create fee income and attract new business by offering check reconciliation services to high volume checking customers.
CRS accommodates four methods of entering issued checks:
- Via magnetic tape in a standard file format.
- By automatically extracting checks from the ITI Savings and Certificate of Deposit applications.
- After capture on a proof machine or high-speed reader/sorter.
- Manual entry using a display terminal.
CRS accommodates three methods of entering paid checks to be reconciled:
- By automatically extracting checks from an ITI Demand Deposit account or an ITI Premier account.
- After capture on a proof machine or high-speed reader/sorter.
- Manual entry using a display terminal.
Minimize Losses - All items are accounted for once entered into the CRS System. And thus, the potential for item losses is eliminated. To minimize the number of items which require processing, paid checks are accepted and held until corresponding issued transactions have been entered.
Generate a Complete Audit Trail - A complete audit trail enforces accountability for all items issued, paid, voided or deleted.
Reverse or Delete Checks - Clients can reverse or delete any check, regardless of whether it has been paid.
Track Transactions - Any transaction entered in CRS can be traced to its original point of entry in a transaction block.
Reduce Clerical Functions - Automation of reconcilement functions saves time and reduces the level of resources that must be devoted to clerical functions.
Reporting - CRS generates reconcilement reports that provide an institution with a complete transaction record. In addition, CRS generates exception reports for tracking unusual transaction.