Oxnard, CA – JUSTCHEX, LLC, the leader in on-demand processing of returned payments, announced today that it now offers banks and their business banking clients a new service they call Bank Initiated Returned Check Processing. The service enables the bank to transport up to 80 returned checks per minute into the transmodus.net on-demand processing platform for immediate electronic recovery and secondary collections.
Surveys conducted among business banking clients have indicated a strong demand for bank initiated automation of the returned check collections process. In addition to service level improvement for business banking clients, the bank earns a transaction fee per transported check.
“This service offers banks and their clients a simple and highly efficient method to automate the process at the earliest point in time. Not only are collections rates very time sensitive, but this process entirely relieves the business banking client of the burden associated with handling returned check or the need to forward them to a third party collections processor. Instead they can simply monitor processing activity through their secure access to transmodus.net,? according to Richard McShirley of JUSTCHEX.
The company expects to have a number of banks utilizing the service beginning in the second quarter. The cost and time to deploy the service is minimal.
