MINNEAPOLIS--(BUSINESS WIRE)--Jan. 17, 2007--U.S. Bank has
launched an image cash letter service for financial institutions
nationwide through its correspondent banking group, allowing financial
institutions to transmit image cash letters to U.S. Bank for
processing. The service leverages U.S. Bank's investment in image
technology and involvement with the major image check clearers and
image exchange industry groups.
"We have been a large and respected processor of paper cash
letters for other financial institutions for years. Our cash letter
customers are enthusiastic about transitioning with us from paper to
image check clearing," said Jack Franey, executive vice president of
U.S. Bank's Correspondent Banking Group. "We are also excited to be
able to serve our existing financial institution clients across the
country who were previously bound by some of the geographic
limitations associated with paper cash letter processing. U.S. Bank
has business relationships with thousands of financial institution
clients through its correspondent banking group, Elan Financial
Services and NOVA Information Services."
U.S. Bank clears images through Viewpointe Archive Services, LLC,
Endpoint Exchange, The Clearinghouse Payments Co., LLC, and with the
Federal Reserve, and is ramping up volume in all these image networks
and exploring new image clearing options. U.S. Bank operates one of
the largest paper check processing networks in the country and has
started to deploy a large image replacement document operation.
U.S. Bank's Image Cash Letter Service is designed to serve a wide
range of financial institution clients varying in size and scope. One
of U.S. Bank's first image cash letter customers was Community
Business Bank, in Sauk City, Wisconsin.
"Our organization has a long history with U.S. Bank's
correspondent banking group. We have been a cash letter customer for
many years, so when we were ready to transmit image cash letters, it
was natural for us to work with U.S. Bank," said Jeanne Myers, chief
financial officer at Community Business Bank. "The attention to detail
and the service we received through the implementation and testing
process was outstanding."
Another U.S. Bank customer, the Bank of North Dakota, is the
nation's only state-owned bank, and provides check clearing services
for many other financial institutions.
"We have used U.S. Bank's cash letter service for years, and we
have come to trust their high level of service quality to ensure we're
delivering the best possible service for our customers," said Dale
Eberle, senior vice president of banking services at the Bank of North
Dakota. "We are in tune with U.S. Bank's image strategy. Their
multiple image clearing sources allow us to streamline our processes
and concentrate on serving our financial institution customers."
Corporate One Federal Credit Union, based in Columbus Ohio, also
uses U.S. Bank to provide check clearing services for other credit
unions. It has been working with its credit union members to switch
from paper processing to image processing for several years.
"Connecting with U.S. Bank was important for us to make sure we
continued to find the most efficient means to clear checks at the best
overall value for our member credit unions," said Robert Coyan, senior
vice president, marketing and operations, Corporate One Federal Credit
Union. "We have been aggressively adopting image exchange solutions
over the past two years, and when U.S. Bank provided us the
opportunity to sign on as one of their first image cash letter
customers, we welcomed that opportunity and have been very satisfied
with the results."
U.S. Bank is a leading provider of services for other financial
institutions and is one of the nation's largest check processors. The
bank's correspondent banking group has more than 100 years of
experience working with financial institutions of all sizes across the
country. Payment services are also provided to financial institutions
under the Elan and NOVA brands.
U.S. Bancorp (NYSE: USB), with $219 billion in assets, is the 6th
largest financial holding company in the United States. The company
operates 2,472 banking offices and 4,841 ATMs, and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. U.S. Bancorp is the parent company of U.S. Bank.
Visit U.S. Bancorp on the web at usbank.com.
CONTACT: U.S. Bank
Jennifer Wendt, 612-303-0731
SOURCE: U.S. Bank