The Complexity and Risk of Check 21 Imaging Operations
New Research Report by Mercator Advisory Group - This report identifies five areas of risk involved in deploying large projects and then identifies many specific risks inherent in Check 21 and distributed check imaging.
While each individual financial institution ultimately faces its own unique circumstances, the report presents the key areas that every financial institution needs to consider and we trust that the report will be instrumental in guiding the institution's auditing of their own risk assessment effort.Before Check 21, the paying bank had both access to the physical check and the liability associated with any illegible image -- but this all changes in October when sweeping changes will go into effect based on the Check 21 legislation.
Check 21 creates a substitute check, generated from an image, that is a legal document.
The legislation also shifts liabilities between the paying bank and the bank that first converts a check into an image or accepts a check image.
These changes, which fundamentally alter the check processing landscape, were made to foster the adoption of check imaging across the financial industry with the expectation that image adoption will drive significant cost savings associated with processing checks.
Since the industry processes 40 billion checks a year, the move to adopt check images and shift liabilities is a project of incredible scale.History shows that every large project is inherently risky, and creating a new system to process 40 billion checks a year valued at $39.3 trillion has its own risks.
And, the faster a financial institution deploys imaging to reduce costs; the greater the risk it incurs.This report identifies five areas of risk involved in deploying large projects and then identifies many specific risks inherent in Check 21 and distributed check imaging.
While each individual financial institution ultimately faces its own unique circumstances, the report presents the key areas that every financial institution needs to consider and we trust that the report will be instrumental in guiding the institution's auditing of their own risk assessment effort.The most prominent risk associated with Check 21 is that the first bank that adopts a truncated (imaged) check becomes liable for providing a good image to the bank of first deposit.
Complicating this, the legislation makes it the responsibility of the paying bank to define the quality that meets the definition of "accurately represent all of the information on the front and back of the original check", a definition that if taken literally would be impossible to achieve with the technology available today.
Mitigating this risk through contractual negotiations is the first order of business for banks of first deposit that move to adopt check-imaging solutions.Tim Sloane, Director of the Debit Advisory Service for Mercator Advisory Group and the author of the report says that Check 21 will demand a comprehensive review of risks and issues that will then need to be addressed whether through the implementation of technology, process, contracts, or a combination of all three.Mr.
Sloane says, "The check 21 legislation shifts responsibilities and liabilities and it is extremely unlikely banks will continue to behave as they do at present when the rules and liabilities are changed so dramatically."This report contains 26 pages and contains 4 exhibits.REPORT HIGHLIGHTS:1. Large projects are inherently risky, and creating a new system to process 40 billion checks a year has risks. The faster institutions deploy imaging to reduce costs, the more risk incurred. This report evaluates the risk for financial institutions in five specific areas 2. Check 21 legislation makes the bank of first deposit liable for delivering image quality but makes the paying bank responsible for defining image quality ? a very important and complex contractual issue.
3. Before Check 21, the paying bank had both access to the physical check and the liability associated with any illegible image ? but this all changes in October. 4. Check imaging solutions break most anti-fraud technologies used to protect paper checks.5. As written, Check 21 legislation does not preserve the original check, which is instrumental in fraud investigation and prosecution.
6. Image enabled deposits at the ATM will lower operational costs, but not without additional risk.Members of Mercator Advisory Group have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits. Please visit us online at www.mercatoradvisorygroup.com For more information call Mercator Advisory Group's main line: 508-845-5400 or send email to e-mail protected from spam bots..
Expensive or Cheap Loans = Money lost or saved
Borrowing is always a costly affair. If the cost is not tangible in terms of interest, there is the factor of the moral obligation to repay. When a borrower decides on taking a loan, he is faced with a wide choice. In today's market you don't have to go searching around. There are lots of financial institutions who routinely bombard the consumers with advertisements and invitations to take loans.
It is almost as if taking a loan is now a necessity for all.
When you decide you require a loan, you must determine how much you really need? Also budget your expenses and know how much you can afford to pay in monthly installments as well.
How then do you go about making your choice? Does it solely depend on who is ready to give you the amount you need? Or does it depend on how successfully the bank has advertised their product to you? If you must choose, then choose a loan that is cheap not expensive as that will determine how much you save at the end.
Expensive or Cheap Loans = Money lost or saved 
Checks > Expensive or Cheap Loans = Money lost or saved
eProcessingNetwork and AIRCHARGE? Announce AIRCHECKZ at ETA 2004 Show
Houston TX / Gurnee IL (ContentDesk) April 21 2004 -- eProcessingNetwork and AIRCHARGE will be unveiling their new AIRCHECKZ product during the Electronic Transaction Association (ETA) 2004 Annual show in Las Vegas on 4/20 ? 4/22.Another first in the industry, AIRCHECKZ is a new way to accept check payments with ACH conversion to electronic deposit for personal checks using cellular devices and networks. AIRCHARGE currently utilizes cell phones and PDAs coupled with swipe/printer devices to accept "swipe qualified" wireless credit cards transactions.
With over 3 years of successfully customer deployment of the AIRCHARGE? systems, AIRCHECKZ will use the same proven J2ME? technology coupled with a wireless device and MICR (Magenetic Ink Character Recognition) devices to perform check conversion.Visit eProcessingNetwork at booth #901 at the ETA show to view live demonstrations of both the AIRCHARGE wireless credit card solution and AIRCHECKZ wireless check conversion products....
Checks > eProcessingNetwork and AIRCHARGE? Announce AIRCHECKZ at ETA 2004 Show
SharedHR Bulletin Warns Employers to Weigh Advantages, Risks of Introducing New Hire Background Tests
San Rafael, CA (ContentDesk) January 17, 2006 -- Employers who want to introduce pre-employment testing for new hires should consider the relevance and business necessity of such testing, warns the latest issue of the sharedHR Bulletin (www.sharedHR.com/news/) now available on line. SharedHR is a fast-growing supplier of Web-based administrative services to HR professionals in small to mid-sized companies.Before launching a test program, employers must develop defensive standards for evaluation of results and a process for dealing with these results, the Bulletin advises. Employers should ask the following questions before proceeding with pre-employment testing:????What types of tests should be used and for which positions? ????How will the business maintain consistency regarding a testing policy? ????How will testing results be used in management decisions on hiring, promotions, etc.? Before introducing testing determine the...
SharedHR Bulletin Warns Employers to Weigh Advantages, Risks of Introducing New Hire Background Tests
Checks > SharedHR Bulletin Warns Employers to Weigh Advantages, Risks of Introducing New Hire Background Tests
My Online Background Check Experiment
Ever wanted to know a little more about yourself than you already do? I did so I put my name in a search engine and started an online background check
of my past. It didn't take long before I was navigating through websites and I found out where and when I was born, where I had gone to school (did that seem like an age ago!) and surprisingly some of my previous employment history.
I also found out that I had no criminal background worth mentioning (always good to know) and that my credit rating was ok. I found this quite satisfying and decided that online background searching was not only fun, but it could also be very rewarding!
Now that I'd a little background checking under my belt it occurred to me that it might be fun if I did some online background checks on my friends.
So, I chose a few good friends and wanted to discover the following in my online search...
Their...
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Abazias.com Collaborates with the Price is Right in 2005 - Online Diamond Company to Give Away Sapphire and Diamond Bracelet on Emmy Nominated Show
Abazias.com (OTCBB:ABZS), a leading online supplier of discounted diamonds, will make one lucky contestant shine in 2005 on the longest running game show in broadcast history, The Price is Right. During the 2005 season of The Price is Right, one contestant will have the chance to win a sapphire and diamond bracelet set in 14k white gold, worth a retail value of over $3,000 dollars from Abazias.com. The dazzling bracelet is 1.46 carats total weight, and is sure to send any contestant home sparkling. This promotion marks the first partnership with CBS, a subsidiary of Viacom Inc. NYSE (VIA), and Abazias.com and is one of many giveaways the diamond company will participate in during the next few months.
"We are thrilled to work with such an exceptional game show as The Price is Right," states Oscar Rodriguez, CEO of Abazias.com. "They are known for continually rewarding contestants with only the finest prizes and we are confident that this will support in highlighting Abazias.com...
Abazias.com Collaborates with the Price is Right in 2005 - Online Diamond Company to Give Away Sapphire and Diamond Bracelet on Emmy Nominated Show
Checks > Abazias.com Collaborates with the Price is Right in 2005 - Online Diamond Company to Give Away Sapphire and Diamond Bracelet on Emmy Nominated Show
The Newest Car Breed of Mazda
Mazda is one of the best car brands in the world. It has set its name as one of the quality car producers in the world. In fact, they have the latest car model called the Mazda CX-7. Do you want to know more details about it?
The 2007 Mazda CX-7 is made not only to catch attention but also to provide more room and space for riders. If you already have your own family, this car would be the best car for you.
Mazda specifically made this as such to accommodate more passengers inside. So if you have kids, you can let them ride with you on your trips.
Like the Mazda MPV, it also a sedan. According to the Mazda Car Corporation, the Mazda CX-7 is the successor of MPV as it is built as a wagon. It was also built to compete with midsize crossover sport utility vehicles such as the Toyota Highlander, Nissan Pathfinder, Hyundai Santa Fe, Mitsubishi Endeavor Dodge Nitro, and Subaru B9 Tribeca.
It has a 2.3 liter MZR turbocharger I4 engine coupled...
The Newest Car Breed of Mazda
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Jewels and Pinstripes Gift Bags Elicit Big Cheers at the Chris Evert/Bank of America Pro-Celebrity Tennis Classic
Boca Raton, FL (ContentDesk) December 5, 2005 -- Jewels and Pinstripes, one of the nations premier gift bag companies, announced today that the gift bags it created for the Chris Evert/Bank of America Tennis Classic charity event, which took place from December 2 - 4 at the Delray Beach Tennis Center and the Boca Raton Resort & Club, were a major crowd pleaser among all recipients.Athletes and celebrities such as President H.W. Bush, Sean Diddy Combs, Lindsay Davenport, Scott Foley and Stone...
The Complexity and Risk of Check 21 Imaging Operations
Checks > Jewels and Pinstripes Gift Bags Elicit Big Cheers at the Chris Evert/Bank of America Pro-Celebrity Tennis Classic
The Complexity and Risk of Check 21 Imaging Operations
Who Needs a Standby Generator?
Most of us take electricity for granted. When we flip the light switch, we expect the light to turn on. When we plug in the electric grill, we expect it to be ready before the neighbors arrive for the backyard cookout. If there's a power outage, everyone immediately calls the electric company to complain and ask how long they'll have to wait before the electricity comes back on.
But what happens when the electricity goes out for days at a time, like when a hurricane or other...
Checks > Who Needs a Standby Generator?
The Complexity and Risk of Check 21 Imaging Operations Checks