Update on FedImage Services
FedImage ServicesSM, a suite of item-imaging products for the capture, archive, retrieval and delivery of check images, is now available at all Federal Reserve Bank check processing locations nationwide. These products were rolled out to each Federal Reserve district over the period of a year and are now being successfully used by financial institutions throughout the country.
FedImage Services is available to any depository institution that is ready to upgrade its systems or to install new systems to support this state-of-the-art technology, according to Fred Herr, the Federal Reserves senior vice president for corporate services in the Retail Payments Office. The technology can export check images by transmission, tape or CD-ROM, notes Herr, and the output can be customized to the needs of the depository institution. The Fed sets up individual profiles for each institution using the products, and the captured images are available to view approximately two hours after items pass through the reader-sorter.
The FedImage Services family offers four products geared to the specific needs of banks. An array of archive, delivery and retrieval options allows interactive services not only between the Reserve Bank and the depository institution but also between the financial institution and its retail customers. The products are normally used in tandem with each other, according to Herr, but some of the Feds customers who have a need for day-of information utilize only the capture-and-export services for their cash-management customers.
FedImage Services products
- FedImage Capture is the basic building block of the product suite. Check items presented by the Federal Reserve are digitally captured and available to the subscribing bank earlier, enabling the bank to improve its check processing, research and return capabilities.
- FedImage Archive stores images in the Federal Reserves national image archive for retrieval and delivery. Based on retention requirements, a variety of storage length options are available, and images are accessible when research needs arise.
- FedImage Retrieval provides a comprehensive array of options, allowing a bank to view, print, fax or e-mail items stored in the national archive. Retrievals are available through Web-based access as well as through other options.
- FedImage Delivery offers multiple customized transmissions and physical media delivery options. Images can be delivered directly to a bank or sent to a third-party vendor for statement rendering and processing.
The suite of products provided by FedImage Services offers an image solution that delivers strategic, operational and functional advantages to help both the Fed and its customers sustain a competitive advantage. As of May 2003, more than 900 financial institutions were using these products, and customer feedback has been positive. Each day, Reserve Banks capture an average of 7.1 million check images and deliver more than 2.5 million images to these institutions.
Specific information about FedImage Services can be found on the Federal Reserves financial services Web site.
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