BofA Rolls Out Image Cash Letter Service
Bank of America Global Treasury Services (GTS) has successfully completed its Image Cash Letter Service pilot programme for a number of clients in different industries and the service is now in full market rollout. The Image Cash Letter Service joins the Bank of America Remote Deposit Service as part of its suite of payment transformation services which enable clients to take advantage of the efficiencies in electronic check processing created by the Check 21 legislation. “Expanding our suite of payments transformation products to include the Image Cash Letter Service gives clients who deal with large volumes of check payments more options and a better way to leverage existing technologies,” said Aileen Gleason, senior vice president responsible for Bank of America Payments Transformation. The Image Cash Letter Service enables clients who typically process high check volumes to use their own hardware and software to create a deposit of check images to send to the bank as an alternative to a traditional paper cash letter or bank deposit. Clients around the globe can capture images of US dollar denominated checks drawn on US banks, then create and electronically send the bank files throughout the day. Bank of America will clear the items as substitute checks or through image exchange.