Press Releases
Mellon GCM Piloting New Remote Check Capture Service
PITTSBURGH, December 22, 2004 — Leveraging the opportunities created by Check 21, Mellon Global Cash Management (GCM) is working with several of its institutional customers to pilot "remote capture" technology. During the pilot, customers will use specialized equipment to scan and truncate the checks they receive from their payors and then send images of those checks to Mellon GCM, where they will be printed as substitute checks and deposited on a same-day basis.
Each pilot participant needed only a personal computer and Internet connection, as Mellon GCM provided a check scanner and software for each location. Using the equipment, customers are now able to scan checks, view check images, enter check and batch amounts (for balancing) and securely transmit their images to Mellon from each location. Substitute checks that meet Check 21 requirements are created from the images and then processed through the check clearing system.
"With this evolving solution, Mellon anticipates providing nationwide coverage, giving its customers the opportunity to derive a number of benefits in the post-Check 21 era", said Robert W. Stasik, executive vice president and head of Mellon GCM. "Remote check capture provides organizations quicker access to their money. By removing physical transportation from the first part of a check's journey to presentment, this process empowers companies to shorten the lifecycle of incoming payments. The resulting benefits are improved float and reduced transportation costs."
The pilot, expected to be completed in the first quarter of 2005, has been initiated in Mellon GCM's Pittsburgh wholesale lockbox site. The service is currently planned for introduction to Mellon GCM's other wholesale lockbox sites in Atlanta, Boston, Chicago, Dallas, Los Angeles and Philadelphia throughout 2005.
Mellon GCM continues to explore other Check 21-related applications, including a consumer check solution that utilizes accounts receivable check (ARC) conversion and point of purchase (POP) payments, along with other short- and long-term benefits of the law.
Mellon Global Cash Management, a payments industry leader synonymous with quality performance and known for its innovation and expertise, designs comprehensive solutions through its broad line of cash management services to meet the specialized treasury needs of corporations, nonprofit organizations and financial institutions. Recently, an independently-administered customer satisfaction survey revealed that Mellon GCM continues to distinguish itself from its competition in the areas of operating quality, commitment to cash management and customer service. In addition, Mellon GCM was one of only two providers to achieve an A+ average for product performance in the 2004 Phoenix-Hecht® Quality Index™ of 33 major cash management providers. Mellon GCM also is the only electronic payments services provider in the U.S. to successfully complete both a Level 3 Capability Maturity Model® (CMM®) assessment for its software engineering practices and attain ISO 9001:2000 registration. More information on Mellon GCM is available at www.mellon.com/gcm.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has more than $3.7 trillion in assets under management, administration or custody, including $670 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.