Financial Institutions - Foreign Check Clearing

Digital Remote Deposit for CAD Checks
Faster, Safer, and More Secure

Foreign Check ClearingCEIFX provides a comprehensive platform for processing foreign check items in a safe and secure environment. Utilizing its web-based system, CXI provides a customizable, compliance-focused experience in CEIFX based on the institutions processes and controls in place. CEIFX automates the foreign check clearing process for more than 80 countries and their currencies with Smart Check Identification which automatically detects if a check should be sent on Collection or as a Cash Letter.

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 provides additional service value to existing and potential customers, while also improving your revenue stream. Let your personal and business account holders tap into the global economy by allowing your clients to deposit foreign check items. Giving account holders the full range of payment options will keep their personal and business finances moving forward. Partner with CXI to gain these additional services, while lowering the costs of clearing foreign checks through your institution.

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 are 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. This removes the user’s need to identify the classification of the foreign item themselves reducing errors while processing the check. Errors can cause a delay in payment for the foreign check and take additional time to correct.

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 and designated fields.

Digital Remote Deposit For Canadian Checks - New Feature!

  • 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.
  • Streamline processes means less labor and resources.
  • Reduced processing time to clear checks.
  • Increased security.
  • OFAC integration.
  • Plus many more benefits listed below.

Digital Remote Deposit For Canadian Checks Benefits:

Scan Checks to Process Digitally
  • 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
Checks Are Screened through Watch Lists
  • Integrated OFAC scan checks remitter, beneficiary, and bank drawn upon fields
  • Compliance Verification System allows for live compliance checks of regulatory watch lists
Safe and Secure Transmission
  • Increase security with fewer touch points in shipping and handling
  • Validate MICR line
  • Reduce entry errors and lost and damaged checks
Clear Checks Faster, Safer, and More Securely
  • 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
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