 The Image Deposit Exchange network was created as a response to the growing demand from businesses and banks to capitalize on Check 21 legislation that allows electronic check processing directly from their back offices. Image deposit removes many of the constraints of traditional paper-based bank checking practices while saving time and money.
Our purpose is to replace the manual process of moving paper checks between businesses and banks with a secure and completely electronic transaction. From image capture to check clearing to funds deposit and reporting, The Exchange provides the systems, services and support to create a truly paperless image deposit checking solution.
 The Exchange network views image deposit checking in the same vein and is dedicated to bringing the convenience and cost savings of electronic check processing and deposit directly to your merchant and corporate customers' back office.
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Traditional paper-based checking
Until now businesses have been forced to work with paper checking processes that are highly labor intensive and time consuming for accounts/receivables departments.
1. The check information is manually posted to the accounts/receivables.
2. A deposit slip is prepared and the checks must be manually transported to the bank branch. This presents a potential security risk of lost or stolen items as well as a loss of time as the employee stands in line and waits to hand the checks over to the teller.
3. The checks are then transported from the branch to the bank’s processing center.
4. After processing, checks are transported yet again to the paying bank where they are processed once more.
There has to be an easier, more secure way to get the job done.
The Exchange electronic checking process
Image deposit checking gives businesses and banks a streamlined check processing solution that saves time and money versus traditional paper checking.
1. Merchant or corporate A/R department high speed scans the checks and automatically captures all of the pertinent information needed for processing and sends it electronically to The Exchange.
2. The check is processed and funds are electronically deposited into the merchant’s or corporation’s current bank account.
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