FSI’s banking products are in the news.
As an innovator of quality data processing, item processing, and online products for the banking industry, Financial Services, Inc. often finds itself in the news. That’s to be expected; when you stand out, the spotlight generally falls on you. If you’d like to see what the company has been up to, or how some of our products have captured the imaginations of our clients and the press, just click on a headline…
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FSI EXCHANGES CHECK IMAGES WITH FEDERAL RESERVE |
| Glen Rock, New Jersey, June 1, 2005 – Financial Services, Inc., a leading provider of data processing, item processing and Internet services to financial institutions nationwide, has announced that it has successfully installed and implemented check image exchange with the Federal Reserve. As a result, City and Suburban Federal Savings Bank has become the first bank at FSI, and one of the first banks in the country, to clear their transit items as images. City and Suburban FSB outsourced their transit processing to FSI several years ago, and is now looking forward to the benefits of image exchange: accelerated funds availability, lower cash letter costs, and, eventually, lower per item costs from the Fed. The bank is realizing slightly lower total clearing costs from the start, despite the fact that the Fed must, for now, turn every image into a substitute check. As other banks start to accept these items as images, costs will lower further. Despite being one of the first thirty or so sites scheduled to be certified for image exchange nation-wide, it still took longer than expected to get the green light for testing, as the Fed found itself taking longer to certify the first few sites than it had expected. Once given the go-ahead, the installation and testing went smoothly during a three week period straddling May and June. As a certified site, FSI can now offer this service to others with a very short lead time. ABOUT FINANCIAL SERVICES, INC. |
