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News Releases |
For more information contact:
David Donnelly
Director,
Global Communications
515.247.7599
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CDS Global Extends Leadership In Imaging Technology |
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DES MOINES – Feb. 12, 2008 – Furthering its leadership in image-based payments processing services, CDS Global today announced that it is electronically depositing checks to four major depository institutions on behalf of nearly two dozen of its lockbox clients. |
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Enabled by the Check Clearing for the 21st Century legislation (commonly referred to as “Check 21”), CDS Global’s electronic check presentment (ECP) service is fundamental to supporting the receivables processing goals of its clients. With electronic check clearing, billers can achieve significant benefits when processing their receivables through the CDS Global lockbox, including: consolidated depository relationships, lower bank fees, reduced or eliminated courier costs, fewer delays in getting checks to the bank, later deposits deadlines, improved funds availability, and streamlined handling of returned items and exceptions. |
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CDS Global, which is depository independent, has made a significant commitment to ECP, and it is generating more interest from billers and depository institutions alike. Across its operations network, 45 to 77 percent of the checks processed by individual CDS Global sites are now deposited through ECP. CDS Global will offer a common ECP interface to transmit deposits to any institution. |
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“CDS Global regards electronic check presentment as a key technology that will help billers reduce banking fees while extending deposit timelines and streamlining exceptions handling, ultimately providing customers with better funds availability,” said Randy Randolph, director of sales, Business Solutions, CDS Global. “CDS Global is uniquely qualified to help clients take advantage of this emerging technology because of our depth and breadth of imaging expertise, depository independence and experience from being an early adopter of ECP.” |
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Using ECP, CDS Global transmits an electronic file with check images and related data to each client’s depository institution. CDS Global no longer has to prepare and transport paper-based cash letter transactions to the bank, which in turn, allows clients to gain the benefits of electronic clearing, without negatively impacting operations. This process also enables each client’s depository institution to determine the most efficient means for clearing payments – electronic deposit, image exchange, automated clearinghouse (ACH), or image replacement document. And, ECP eliminates the issues associated with paper cash letters. |
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