Financial institutions have the ability, using our system, to have their daily check transactions electronically transported direct to the Federal Reserve and/or the other clearing organizations and back to them directly.


Electronic Deposit Into the Federal Reserve

Our web based imaging and uploading system utilizes two revolutionary services:
1.  REMOTE DEPOSIT – Your merchant customers directly deposit checks into the Federal Reserve using the Fed Forward Image Cash Letter system.
2. REMOTE CAPTURE – Your bank branches directly deposit checks into the Federal Reserve using the Fed Forward Image Cash letter system.

Benefits:

This new operating system saves transport time costs associated with the transportation of paper checks, saves on labor, internal check processing and enables your organization the ability to clear transactions at a cheaper per transaction rate (as charged by the Fed). 

Our merchant customers will also save as they no longer have to make bank runs - saving both money and time and offering the convenience of Remote Deposit.  This also enables you to open up larger business territories since you can now offer Virtual Banking without having to have brick and mortar locations.

Why Use It:

The latest Electronic Check Transport System, developed by EFT Network, provides your organization with the ability to get ahead of the technology curve now and take your daily transactions directly to your clearing entity electronically without the costly and time consuming transportation of paper checks. 

The Fed Direct System is designed and developed to interface with any clearing entity your organization may utilize thereby affording you the fastest in transport and clearing time.  You may also use our system to accept your check transactions, prepare them into an image cash letter and electronically deliver back to the bank so that you can send the ICL to the Fed Reserve.