Advanced Financial Solutions, an Oklahoma City-based provider of checking software, and Infonox, a Santa Clara, Calif.-based software company that delivers transaction and payments products, have introduced AFS ATM Capture, a solution that combines AFS imaging technology with Infonox's Active Payment Platform to allow for the image capture of both check and cash deposit transactions at ATMs.
By re-engineering cash and check deposit processing at ATMs, AFS ATM Capture increases convenience and decreases back office processing costs. The product is a key component of AFS' strategy to help move the banking industry toward electronic transaction processing, clearing, and exchange.
AFS ATM Capture enables financial institutions to electronically capture checks at the ATM as a first pass before the items move to the central item processing center.
With capture done at the ATM, banks can detect fraud, allow for earlier availability of funds, and ensure accurate ATM deposit adjustments. Deposit work can begin immediately after capture, thus allowing time to contact the customer about possible adjustments.
AFS ATM Capture allows ATMs to image capture both check and cash deposit transactions at the point of origination, instead of the traditional central bank or processing center.
Workflow tools shift deposit-balancing routines from the front lines to POD, where item-processing technologies assure accuracy and performance. That means branch personnel have more time to spend with customers.
"We predict a growing market for deposit-taking ATMs that accept cash and checks but require less frequent, and costly, courier pick-ups," according to Jeff Vetterick, VP of marketing at AFS.