The Clearing House Participant Banks Choose TFP's CheckADJUST to Automate the Exchange and Settlement of Adjustments
On October 28, 2002, TFP and The Clearing House, the oldest clearinghouse in the country, announced that it will automate the exchange and settlement of check adjustments between participant banks using CheckADJUST (www. CheckADJUST. com), an electronic adjustments and settlement network designed by TFP to expedite the processing of check adjustments between financial institutions.
(PRWEB) October 30, 2002
Skokie, IL – October 28, 2002 – TFP and The Clearing House, the oldest clearinghouse in the country, announced that it will automate the exchange and settlement of check adjustments between participant banks using CheckADJUST (www. CheckADJUST. com), an electronic adjustments and settlement network designed by TFP to expedite the processing of check adjustments between financial institutions.
Already selected by TFP to serve as Settlement Agent for its automated National Net Settlement Solution, The Clearing House now adds many of its participant banks to the growing list of large financial institutions already using CheckADJUST, such as Mellon Bank, Key Bank and Huntington National Bank.
“I think the significance of the agreement is that The Clearing House and its participant banks have acted together to improve process and procedures for the labor intensive, manual exception process,” said David James, director of sales for FinancialGO. net. “TFP has been proposing this cooperation by clearinghouses and we are extremely pleased that these financial institutions have taken a leadership role in improving the adjustment process. It is particularly important to note that any financial institutions settling through The Clearing House can also take advantage of this agreement,” James continued.
In combining and automating two commonly separate and very manual processes, CheckADJUST significantly reduces the time and expense associated with the exchange and settlement of check adjustments by facilitating the electronic transmission of adjustment and settlement information via sophisticated Web-based applications.
“The Clearing House is pleased to be working with TFP and its adjustments program. We believe that this automated check adjustment solution will work equally well in both the paper and electronic check environment” said Angela Carone, vice president of The Clearing House. “The program has the potential to significantly reduce adjustments costs for all participants,” Carone added.
All financial institutions can utilize CheckADJUST to exchange and settle adjustments, regardless of institution size or a particular settlement arrangement. Large financial institutions utilizing case management systems can send and receive thousands of adjustments at one time, using a batch interface to their systems. For medium and smaller financial institutions that do not use a case management system, Web-based forms are used to send single adjustments cases. Regardless of how the information is submitted, the CheckADJUST settlement mechanism will automatically derive the settlement information from the check adjustment transmission, and deliver the information to the desired settlement agent based on the preferences defined by the trading partners.
CheckADJUST facilitates all settlement arrangements, whether through the clearinghouse, or bilaterally between two financial institutions via wire or DDA. Members instantly track and manage all adjustment and settlement transmissions via comprehensive, web-based reports that convey all information on a real-time basis.
About TFP
TFP (www. tfp. com), a division of Thomson Media, is a leading provider of data and software solutions for financial and corporate institutions worldwide. Our goal is to improve the efficiency of our clients by providing customized data solutions covering multiple functional areas, including payments, compliance, vendor interfaces and marketing. TFP’s product lines include Check Operations, Marketing Services, Payment Efficiency, Reference Tools for Banking™ and Risk Reduction. TFP’s solutions assist in accurately originating payments to realize higher STP rates; facilitating the repair of rejected transactions; ensuring compliance with the USA PATRIOT Act and regulatory agencies such as the U. S. Treasury’s OFAC and FinCEN’s Currency and Wire Reporting; avoiding money laundering, fraud (www. FraudBAN. com) and other perilous business practices; and, facilitating the automated exchange of operational data between financial institutions. TFP maintains the most authoritative and comprehensive databases of financial institutions globally and has been the official routing number registrar for the American Bankers Association since 1911. For more information, visit TFP on the Internet at www. tfp. com or call (847) 676-9600.
Thomson Media (www. thomsonmedia. com), a division of The Thomson Corporation, is a leading provider of information, data and software tools for professionals in the financial services and related technologies markets. In addition to TFP, its primary products and businesses include: American Banker, Financial Planning, National Mortgage News, The Bond Buyer, Securities Industry News, The Global Banking Resource (www. tgbr. com), Payments & Risk Solutions Products, Credit Card Management, National Regulatory Services and Sheshunoff Information Services. Thomson MediaÂ’s publications, databases and work solutions are used by more than 750,000 clients worldwide.
The Thomson Corporation (www. thomson. com), with 2001 revenues of $7.2 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software applications and tools to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. The CorporationÂ’s common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
About The Clearing House
The Clearing House, owned by 11 of the nation's largest banks, is the oldest and most innovative bank association and payments processor in the U. S. Established in 1853 to simplify the exchange of checks and improve the efficiency of the payments system, The Clearing House continues to be a world leader in the payments business. It currently operates the Clearing House Interbank Payments System (CHIPS), the Check Exchange, and several SVPCo businesses including: the Electronic Payments Network (EPN) and Electronic Clearing Services (ECS).
The Clearing House also runs a well-respected Association where its Owners and other parties discuss common interests in the payments business, identify and prevent potential problems in the financial sector, and address financial and other crises. For more information, search www. theclearinghouse. org or contact Chip Savidge at 212-613-9896 or chip. savidge@theclearinghouse. org.
