SQN Banking Systems Unveils Image Cash Letter Solution Reducing Processing Costs
--SENTRY: Cash LetterTM helps financial institutions with reconciliation management -
RANCOCAS, N.J., Feb. 11, 2009– Rancocas, N.J.-based SQN Banking Systems, a provider of integrated fraud detection and process improvement products for the financial industry,
announces a new product to SQN’s SENTRY suite of products, SENTRY: Cash Letter™. With this feature, an image cash letter is generated at the end of the day, containing all of the items
that have been returned that day in the SQN SENTRY: Exception™ system, allowing financial institutions faster and more efficient reconciliation. Currently, one of the top two banks in
the U.S. has successfully implemented the product.
Expediting returned checks reduces bank costs and streamlines the entire deposit transmittal process,” said Stan Jaslar, chief technology officer at SQN. “Financial institutions
save time and money on sorting and shipping paper checks across the country.”
SENTRY: Cash Letter creates an electronic file that contains cash letter totals and images of individual items drawn on eligible endpoints, plus the magnetic ink character
recognition (MICR) information from the checks in standard format. The image cash letter (ICL) is an X9.37 formatted file and is the electronic image version of the standard
cash letter, in which the ICL is transmitted as an electronic file to a Federal Reserve Bank or other financial institution. SQN Banking Systems is one of the leading providers
of image-survivable check security and fraud solutions, software and products.
About SQN Banking Systems
For more than 20 years, SQN Banking Systems has provided integrated fraud detection and process improvement products for the financial industry,
meeting the needs of financial institutions of all sizes. The SENTRY suite of products includes software for exception item processing, image fraud
detection tools, automated signature comparison, signature verification and display, transaction analysis and safe deposit operations management. More
than 500 SQN customers have improved their earnings and reduced check fraud losses by as much as 84 percent with SENTRY. For more information, visit SQN's
Web site at www.sqnbankingsystems.com.
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