Cummins Allison: Technology Paves the Way for Efficient Cheque Processing

MISSISSAUGA, Ontario--()--Although the debate surrounding a decline in paper cheques rages on, this classic form of payment remains a steady and secure standby for many Canadians. In fact, of the seven billion transactions processed by the Canadian Payments Association in 2014, 44% were cheques and other paper payments.1

Gaining flexibility and efficiency when receiving or processing paper cheques is critical to financial institutions, merchants and other businesses. For these businesses, electronic processing, combined with smart hardware decisions, can save time, boost efficiency and reduce overhead costs.

Cummins Allison, a leading innovator of coin, currency and cheque processing technology, outlines ways that financial institutions, merchants and other businesses can reap the benefits of advanced cheque processing with the right technology.

Embracing Branch Capture and RDC

For financial institutions, the desire to reduce fixed costs, along with mandates from the Canadian Payments Association to increase efficiency in payments processing, are driving exploration of a teller capture model for the processing and handling of paper cheques. This model makes sense for two reasons: it significantly reduces institutional costs and increases branch automation.

The lead-up to remote deposit capture (RDC) in Canada has been closely watched by many. October 2015 marked an important milestone as the Bank of Montreal joined other leading Canadian banks in rolling out RDC to its customers – a move that was eagerly anticipated by businesses. Electronic check imaging allows merchants and other businesses to automate cheque processing, eliminating time-consuming and tedious manual processes, as well as errors.

Streamlining Paper-Based Payment Processing with the Right Equipment

Branch capture and RDC allows organizations to prepare deposits faster, balance more easily and get funds soon. But while the benefits of branch capture and RDC are clear, they can be lost if the right equipment is not deployed.

By investing in integrating a single device that can handle all cheque handling needs, organizations can reduce expenses and improve efficiency with smart RDC solutions. Advanced cheque processing technology that comes with a wide selection of models and options can make sure that organizations get the solution that best fits their unique needs, which also ensures a much better return on investment.

For more information on how quality, easy-to-use cheque scanners can help organizations improve operational efficiencies while reducing risk and deposit processing time, visit www.cumminsallison.ca.

Sources:
1cdhowe.org, ''Money in Motion: Modernizing Canada’s Payment System,'' August, 2015

About Cummins Allison

Cummins Allison is the leading innovator and provider of cheque, currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.

Contacts

Cummins Allison Corp.
Carol Moore – Vice President Marketing
Tel: 847.759.6403
moorec@cumminsallison.com
or
Outlook Marketing Services, Inc.
Andrea Davis
Tel: (312) 957-8905
andrea@outlookmarketingsrv.com

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Cummins Allison outlines ways that financial institutions, merchants and other businesses can reap the benefits of advanced cheque processing with the right technology.

Cummins Allison