News

CheckAlt automates ATM terminal reconciliation for faster settlement

The new service was developed to help FIs find and fix check reconciliation issues with less effort and fewer resources.

October 3, 2014

CheckAlt, a Check 21 application and processing provider, has introduced CheckAlt ATM Reconciliation. The new service helps banks and credit unions settle their ATM terminals faster, identify missing deposits that do not post to a customer's account, and detect and find checks not sent to correspondence for clearing, the company said in a news release.

"With CheckAlt ATM Reconciliation, our clients can greatly reduce the time they spend on ATM settlement, potentially saving them countless hours per month," Shai Stern, co-chairman and CEO of CheckAlt, said in the release. "With the time saved, clients can redeploy their resources more efficiently."

The program runs a match file from the financial institution's terminal against the transactions in the CheckAlt item processing system to quickly identify missing deposits. This allows users to find and fix issues with less effort and fewer resources, the release said.

CheckAlt ATM Reconciliation also includes a series of reports designed to help in the settlement and reconciliation process, including a matched transaction report, exception transaction report, and a transaction summary report for accounting and balancing purposes.