Automate Processing of Return Transit Items

X9 Returns ingests X9/ICL return files and automatically matches them to the original transit transactions. Return items can then be re-deposited based on business rules or routed to internal departments for processing.

X9 Returns operates on a Windows Server platform with a SQL database. X9 Returns will receive and store X9 Image Cash Letter (ICL) files received from different sources:

  • Forward presentment transit items
  • Return files from the Federal Reserve Bank or other exchanges
returns workflow

Issue

The latest update to the Federal Reserve Board Regulation CC will be effective, July 2018. One of the major provisions of the new rules amendment is the requirement for expeditious process of returned image (electronic) check items. Current check item processing software solutions often bog down when dealing with return items, frequently delaying them to Day 2.

Solution

X9 Returns is a Windows-based enterprise software system for automating the processing of return transit items.

X9 Returns ingests X9/ICL return files and automatically matches them to the original transit transactions. X9 Returns operates with a SQL database.

X9 Returns will receive and store X9 Image Cash Letter (ICL) files received from different sources:

  • Forward presentment transit items
  • Return files from the Federal Reserve Bank or other exchanges

X9 Returns includes a web server application for operational and research activities. ICL files are stored in a SQL file system database.

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Automation of Inclearing Return Items - A Case Study

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While check volumes in the U.S. have been steadily decreasing over the last 20 years, even at today’s volume, more than $86 Billion in transit items are returned to Banks of First Deposit (BOFD) each year.

The introduction of image processing to the clearing of checks has increased the efficiency of the exchange system such that the Federal Reserve Bank now processes all checks at a single location eliminating the concept of a “nonlocal” check, reducing the clearance time and the opportunities for holds on deposited funds.

These changes require that returned transit returns be processed as efficiently and expediently as possible to reduce risk of financial loss.

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Contact All My Papers to automate Check Image Cash letter (ICL) file processing.