Local Oklahoma Bank, Oklahoma City, has joined Endpoint Exchange Network, an Oklahoma City-based national check image exchange.
Endpoint Exchange member institutions initiate the check clearing and settlement process a day earlier than non-member institutions by truncating checks at the bank of first deposit and electronically exchanging check images, rather than waiting on the physical transportation of the paper check.
This produces faster check clearing and settlement, and provides a competitive advantage for Endpoint Exchange banks. The shorter collection process also reduces float and check fraud, as well as the need to transport paper checks.
Endpoint Exchange has accelerated electronic check image exchange, said Kelly Ingram, item processing manager and vice president at $2.7 billion Local Oklahoma Bank. "Endpoint Exchange helps financial institutions address an on-going concern: handling, clearing, and settling checks more efficiently and profitably."
Endpoint Exchange leverages a bank's investment in prime pass image capture, whether the bank deploys the solution in-house or through a service bureau. It also drives down the costs of check clearing and settlement, particularly as more financial institutions become members of the network and begin exchanging check images.
The value of membership in Endpoint Exchange increases with the addition of each new financial institution, expanding the number of electronic collection, clearing, and settlement activities that can be handled efficiently, and having an exponential effect on the productivity of the financial services industry.
"The ability to provide secure and reliable electronic check image exchange across disparate imaging platforms has been a major factor in attracting membership in the Endpoint Exchange network," said Mark Craig, general manager of CheckClear, owner and operator of Endpoint Exchange.