Product. Opencheck A Comprehensive Check Payments Solution to Meet the Demands of Financial Institutions in Today s Automated Environment

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1 Product Opencheck A Comprehensive Check Payments Solution to Meet the Demands of Financial Institutions in Today s Automated Environment

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3 Product As acceptance of electronic payment channels expands, your customers or members demand check processing with anytime, anywhere, any way flexibility. You can deliver the results they expect using the robust, convenient item processing technology of Opencheck from Fiserv. Opencheck offers a feature-rich and highly configurable automated payments solution that leverages the industry s shift toward a paperless environment. Opencheck provides everything you need for a comprehensive item processing operation and meets the demands of today s distributed capture environment, providing branch, merchant, mobile, ATM, consumer and teller capture options. Comprehensive Capabilities At the core of Opencheck is an imagebased check processing hub that handles the full range of clearing, exchange, and return processing activities helping you to cut costs, generate revenue and improve customer or member satisfaction. This customized payments solution supports the advanced capabilities you need for efficient item processing, including: Concurrent balancing, ongoing error correction and float elimination for more accurate accounting Updates and extensive research options for more detailed and accurate financial reports Extended deposit deadlines and processing windows for faster credit Flexible opportunities to capture fee income Through these robust capabilities, Opencheck helps to improve your competitive position by enhancing your online banking services, replacing costly teller transactions with low-cost distributed capture, and giving your accountholders the freedom to deposit checks when and how they choose. Flexible Implementation With Opencheck, you have the flexibility to choose the implementation mode that best works for you. The solution is available in-house, outsourced through our state-ofthe-art data center, or in a hybrid delivery model that blends the advantages of both modes giving you the option to outsource selected functions like balancing, cash letter generation or statement distribution, for example. Opencheck can further streamline and improve your operations through additional solutions for distributed capture, fraud protection, image archiving, research, statement production and fulfillment. The system s open architecture allows you to add these features as your business strategy evolves. A Full Range of Check Capture Options Advanced, optional check capture solutions from Fiserv enable your customers or members to deposit funds electronically where and how they choose whether via the teller, ATM, mobile device, or the comfort of their own home or business. Opencheck: Consumer Capture and Opencheck: Merchant Capture Give your customers or members the flexibility to make deposits directly into 1

4 their accounts from home or at work using virtually any general purpose image scanner, eliminating trips to the branch. With our merchant capture solution, your business customers or members no longer need to bundle and transport paper checks or make daily deposit runs. Opencheck consumer and merchant capture solutions provide your financial institution with a quick and efficient way to capture, process and clear check images while identifying and mitigating risk. ATM Image Capture Auto Import Enhance your deposit automation capabilities, reduce your processing costs and improve operational efficiencies through our ATM check capture service. This solution immediately validates and transfers check images and associated transaction information from the ATM to your back office, to improve funds availability for accountholders and cut check processing expenses. Mobile Source Capture Offer accountholders the convenience of depositing checks via any cameraenabled mobile device without visiting a branch using our mobile deposit capture capabilities. This solution integrates directly into account processing platforms from Fiserv, including DNA and TotalPlus, and also accepts third-party ANSI check image files from financial institutions that don t use a Fiserv account processing system. tmagic for DNA Automate the capture, imaging and entry of paper-based transactions directly into the DNA account processing platform with our powerful, integrated teller capture solution. tmagic for DNA provides real-time processing and balancing, immediate check verification, improved transaction accuracy and enhanced service for faster, more costefficient branch operations. tmagic for DNA also lets you take full advantage of Check 21 technology with least-cost routing, multiple image cash letters, dollar amount thresholds and electronic in-clearings and returns. Opencheck: Branch Capture Give your tellers the ability to image and transmit paper transactions from branch locations to a central site for proof-ofdeposit or item processing. Our distributed image capture solution eliminates branch cut-off times for processing and allows you to balance concurrently with your central site while finding and correcting errors throughout the day. Access to captured images is immediate a clear benefit for branch associates and accountholders who use online banking. If your financial institution operates in a batch environment, the remote deposit batch solution can assist in your check loss prevention efforts. Offered in partnership with Early Warning, this solution accepts 2

5 transit items captured at the teller line based on a monetary threshold you designate to monitor high-risk items. Then it returns a report listing items at risk, delivering information your financial institution can act on. Supporting Item Processing Services As one of the largest item processors in the financial services industry, Fiserv offers related technology solutions that extend and add value to the Opencheck system. Image-Based Return Item Processing Import and process electronic or paper returned items from the Federal Reserve or a paying institution using the Fiserv return item processing service. Using institutionspecific, pre-determined rules, the system can automatically determine whether to charge the item back to the depositor or attempt to clear the item again by re-depositing it to the paying institution. Research Capabilities for Merchants If your financial institution serves commercial accounts, you can enable those customers or members to research their own account information quickly and easily using our powerful online research tool. They can search for images, deposit transactions and statements stored in your database and create PDFs of the data retrieved. State-of-the-Art Fraud Protection To catch check fraud attempts before you incur losses, you need a sound fraud prevention system. Opencheck gives your financial institution access to some of the most robust fraud prevention capabilities in the industry helping you detect and prevent check fraud, and review significantly more items without adding staff. Our fraud solutions use sophisticated filters and neural network technology to identify suspicious checks and account activity, minimizing fraud losses and reducing the associated costs. With validation provided at the teller line or in the clearing center, your staff can make fast, accurate decisions on whether to pay an item. Opencheck fraud protection supports positive pay processing without account reconciliation, reverse positive pay processing, and payee verification allowing you to quickly and effectively identify suspect checks and halt their progress. Our fraud capabilities also include signature and check stock verification, transaction analysis, and the ability to print encrypted authentication codes on checks using SAND (self-authenticated negotiable documents) technology from Advanced Software Design Corporation. 3

6 Key Benefits Improve productivity and operational efficiency by expediting research, reconciliation and reporting Connect With Us For more information about Opencheck, call , or visit Reduce item processing errors and the associated costs Speed and streamline item processing Enhance service and convenience by allowing customers or members to deposit checks how and when they choose Enhance your online banking services Improve funds availability for customers or members Obtain more detailed, accurate financial reports Improve accounting accuracy Reduce costs by replacing teller transactions with check capture accomplished through lower cost channels such as mobile and ATM Minimize fraud losses by identifying suspicious checks and account activity 4

7 About Fiserv Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit for a look at what s next now.

8 Fiserv, Inc. 255 Fiserv Drive Brookfield, WI Fiserv, Inc. or its affiliates. All rights reserved. Fiserv is a registered trademark of Fiserv, Inc. Other products referenced in this material may be trademarks or registered trademarks of their respective companies COL 02/15