foreign bank check cash

Foreign check-clearing provides additional service value to existing and potential customers, while also improving your revenue stream.

Automate your clearing process with digital remote deposit for CAD checks to significantly reduce time and costs, while increasing security.

Let your personal and business account holders tap into the global economy by allowing your clients to deposit foreign check items.

Partner with CXI to gain these additional services while lowering the costs of clearing foreign checks through your institution.

Why is CXI the best provider for Foreign Check-Clearing?

Utilizing its web-based system, CXI provides a customizable, compliance-focused experience in CEIFX based on the institution's processes and controls in place.
CEIFX provides a comprehensive platform for processing foreign check items in a safe and secure environment.
CEIFX automates the foreign check-clearing process for more than 80 countries and their currencies with Smart Check Identification.
CXI significantly reduces shipping costs with digital remote deposit for Canadian checks.
CXI can clear most foreign-denominated checks with ease, as well as USD checks drawn on foreign banks, better accommodating customers’ needs in an increasingly globalized economy.

Foreign Check-Clearing Methods

Cash Letter Services
More than 20 of the most common country/currency combinations qualify for Cash Letter.
Clearing foreign checks on Cash Letter expedites the credit to the financial institution (and your client).
Rates can be locked in at the time of entry.
Check Collection Services
More than 80 countries and currencies are available for processing on Collection.
Credit for the foreign checks is made available within 30–60 business days.
Rates are provided upon the item being cleared from the originating bank.

Foreign Check-Clearing Features:



Smart Check Identification

An exclusive feature designed to automatically detect if a check should be processed on Collection or as a Cash Letter based on the bank’s predetermined thresholds.

Removes the user’s need to identify the classification of the foreign item themselves, reducing errors while processing the check.

Avoids delays in payment of checks due to errors.



Easy-to-Use Interface

White-labeled check-clearing interface.

Customized cash letter and collections thresholds.

Maintain a pre-approved customer database to allow threshold overrides.

Export and import integrations are available to and from core banking software.

Integrated shipping with live tracking of check items.

Live email notifications for transaction status updates.



Compliance Built At Its Core

Wide variety of user roles and permissions.

Customizable and "build your own" compliance reports provide access to view detailed information.

Export reports to common file types.

Live OFAC screening on designated and designated fields.



Digital Remote Deposit For Canadian Checks

New solution for financial institutions to clear all foreign checks drawn on Canadian financial institutions.

Faster, safer, and more secure way to clear Canadian checks.

Streamlined processes means less labor and resources.

Reduced processing time to clear checks.

Increased security.

OFAC integration.

FAQs

What are the full benefits of Digital Remote Deposit for Canadian checks?

  • Uses X9 file type; most Check 21 compliant scanners are compatible
  • Digitally endorse checks
  • Process bulk checks quicker
  • No more bundling or shipping CAD checks
  • Integrated OFAC scan check's remitter, beneficiary, and bank drawn upon fields
  • Compliance Verification System allows for live compliance checks of regulatory watch lists
  • Increase security with fewer touch points in shipping and handling
  • Validate MICR line
  • Reduce entry errors and lost and damaged checks
  • Real-time validation and transmission to expedite reconciliation time
  • Reduced potential delays, errors, and fees for an enhanced processing experience
  • Established resources to take advantage of digital remote deposit technology

Schedule a Call

What services are you interested in?*
How can we help?
Please check the box below.

HAVE A QUESTION?