The first banker’s bank to provide Canadian check imaging is expanding the availability of this imaging service to more community financial institutions through Fiserv.
— Rodrigo Silva, Managing Director of Deposit Solutions at Fiserv
WALNUT CREEK, CA, USA, April 26, 2022 /EINPresswire.com/ — PCBB has expanded its relationship with Fiserv to offer Canadian check imaging services through the Fiserv Clearing Network. PCBB already enables end-to-end international wire transfers for financial institutions (FIs) using Fiserv’s Payments Exchange: Foreign Exchange. Now, financial institutions that participate in the Fiserv clearing network will have access to the advanced payment option of PCBB’s Canadian Check Imaging Solution to streamline check processing, expanding the availability of this service to more people. community financial institutions.
In 2017, PCBB became the first banker’s bank to provide the Canadian check imaging solution to its customers. Financial institutions could still easily clear foreign checks drawn on foreign banks quickly and cheaply using PCBB’s proprietary platform. With the addition of a digital imaging service for Canadian checks, bankers have achieved faster operational efficiency and faster fraud notification, while opening the door for future enhancements. With PCBB’s recent integration with Fiserv Clearing Network, Fiserv customers now have access to these same benefits, along with the ability to grow their customer base in an increasingly digital world. These institutions can now process Canadian checks and offer interim credit within 24 hours to their business customers. This, in turn, allows companies to better manage their cash flow and reduces the time FIs spend on manual paper processing.
“Around $2.4 trillion is expected to be spent on digital transformation globally by 2024. Financial institutions are also scrambling to keep pace on this front. PCBB has prioritized technology innovations over the past few years, driving advances, such as Canadian check imaging, into the market for our own customers’ digital transformations,” said Allen Sztukowski, Senior Vice President of operations at PCBB. “Our integration of check imaging in Canada with Fiserv enables us to provide digital enhancements to a broader group of FIs for more automated and efficient solutions.”
“Many customers of Fiserv’s financial institutions see clearing checks in Canada as the last paper hurdle they need to overcome at their branches,” said Rodrigo Silva, general manager of deposit solutions at Fiserv. “We are working with PCBB to solve this problem in a way that not only eliminates paper from the Canadian check clearing process, but also makes it easier for banks and credit unions to participate. Our customers simply need to scan paper checks at their branches or have their business customers use remote deposit capture at their premises, and Fiserv and PCBB take care of the rest.
There is no doubt that customers today want end-to-end digital banking services. PCBB’s integration with Fiserv provides Canadian check imaging to more financial institutions, so they can meet their customers’ needs for a seamless and enhanced banking experience.
Founded in 1997, PCBB was created with the sole purpose of helping community financial institutions become stronger. Our mission is to provide our fellow bankers with high quality correspondent banking solutions at competitive prices and personalized service without competing with them. PCBB provides a comprehensive set of products and services including cash management and international services, lending including hedging, as well as advisory services including asset and liability management, customer profitability, stress and liquidity testing and provision for losses on lease contracts, including CECL. Visit pcbb.com for more information and the latest company news.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in ways that move the world. As a global leader in payments and fintech, the company helps its customers achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuer processing and network services; Payments; e-commerce; acquiring and processing merchants; and clover® cloud-based point of sale and business management platform. Fiserv is a member of the S&P 500® Index and FORTUNE® 500 and has been recognized as one of FORTUNE’s Most Admired Companies in the World® for 11 of the past 14 years. Visit fiserv.com and follow social media for more information and the latest company news.
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