Precision Software Technologies, Inc, (PST) is a corporation based in Tampa, Florida which designs, develops and markets unique, customizable check scanning and processing software compatible with today’s Check 21 requirements for check imaging, remote deposit, check truncation (destruction) and substitute digital checks. PST’s EZ-Scan® software is utilized by several fortune 500 companies and numerous smaller banks and businesses thought the world.
The Check 21 legislation and implementing regulations provide, essentially, that banks can destroy (truncate) paper checks upon creation of a compliant digital image file which can be viewed and from which a substitute hard copy check can be recreated, if necessary. Check 21’s purpose, when enacted by Congress, was to speed the processing of checks, accelerate deposit credits, reduce processing errors and save on labor costs when compared to the prior hard copy paper check clearing process. Both banks and their customers who receive checks are adopting the standard. In order to do so, they need check scanning software and hardware. PST is at the forefront of the technology in that area.
There are numerous companies that currently offer “remote capture” or “remote deposit” check scanning software today. PST’s EZ-Scan® products go far beyond the basic requirements of Check 21 compliance by offering additional features, user-friendly interfaces and the unique ability to “plug in” to customers’ existing accounting systems on both the check receiving (ex. retail store) and depository ends (bank) of a transaction with minimal customization to the host software system. For example, a large doctor’s office may receive a significant amount of patient payments by paper check. If that office uses QuickBooks for its accounting system, it could install a check scanner running EZ-Scan® and “plug” and import the captured check data directly into its accounting records at the same time as the digital check is sent to its depository bank. Thus an entire second layer of bookkeeping and accounting is eliminated and the office’s records are kept in real time. On the depository bank end, EZ-Scan® will plug into the bank’s large and sophisticated deposit and accounting system without requiring extensive modifications and re-testing of the entire system. EZ-Scan® will also deliver a high quality, compliant check image to the bank in a number of different formats and with little need for staff training at the Bank.
Currently, some banks offer a “Remote Capture” software solution to their business depositors, but the systems and their benefits, not surprisingly, are tilted in favor of the banks, not the customers. The software is complex, the user interfaces are unfamiliar and the systems to not plug in easily to popular business accounting software. The bank-supplied scanning packages must be used with scanners leased or sold by the banks, and the software is geared only toward check capture in a form optimized for the bank, not the depositor. The depositor must rely on the bank for software support and become wedded to particular bank because of system integration.
In contrast, EZ-Scan® was developed with business users/depositors in mind, from small shops running QuickBooks on low check volume to large retail chains with hundreds of locations and sophisticated accounting systems processing thousands of checks per day. EZ-Scan® works for all of them. It is scalable, ease to install, easy to use, and very easy to plug in to existing bookkeeping and accounting systems.
The number one reason clients purchase PST’s EZ-Scan® products instead of leasing bank systems or even buying competitive private packages is that EZ-Scan® offers a “single pass” accounting process. When an EZ-Scan®-equipped business receives check payments from its customers, the checks are scanned, usually with a supporting invoice reference (returned portion of invoice/payment coupon) that is read dynamically on an affordable desktop check scanner running PST’s EZ-Scan® software. The accounting information related to the check (customer id, invoice number, etc.) is digitally captured and linked with the image of the check in the accounting system. EZ-Scan® software then produces a certified Check 21 X9.37 compliant data file which is electronically forwarded to go to the depository bank or to a third party check processor contracted to the bank. The business using EZ-Scan® only needs to handle the check once, receives 48 hour clearing of deposited checks from its bank, and instant update to its accounting records. This seamless system improves the business’ cash availability, reduces labor costs and provides enhanced management and customer satisfaction by reflecting payments in real time and associating them automatically with customer accounts, invoices and receivables. Also, the nightly trip to the bank deposit window is eliminated.
The above scenario of front end check capture, data entry and remote deposit EZ-Scan® can be applied to chain stores with hundreds of locations, grocery stores – any business accepting checks in low or high volume. By giving businesses of any size the ability to process and deposit checks from any location, and to make their accounting entries at the same time, EZ-Scan® offers businesses an affordable, easy to install, easy to use vehicle for the national migration toward remote check capture and deposit. Easy to Modify. Apart from its low cost, ease of installation and ease of use, combined with high value added utility for banks and businesses, a further advantage of EZ-Scan®, is that its open software design allows customers on both ends of a check transaction to add their own code inside the program to meet their particular requirements. This feature is unique to EZ-Scan® in the check scanning industry and is very important, particularly to large financial institutions.
High Quality Images at Low Cost. EZ-Scan® incorporates PST’s proprietary MICR reading algorithm which enables low cost desktop check scanners to produce high quality check and document images that in the past were only available in much more costly high end scanners. PST’s software has added the flexibility to read any MICR line and parse the data from the check to the proper fields in any database or check clearing format used in any country. This feature allows PST clients including large store chains, banks, financial services firms, third party check processors and even small businesses – any company that receives even a small quantity of checks for deposit, the ease and efficiency of remote capture and deposit in a flexible, easy to use software package that can be customized to port into existing accounting systems as well as creating a bank compatible file.
Familiar User Interface. PST’s EZ-Scan® products offer the user a friendly interface. The software is modeled after other programs that customers typically use in their day to day accounting process which lowers their staff learning curve. After simple installation, most EZ-Scan® small business users are up and running within an hour. If clients have problems or questions they can rely on the team at PST for support. PST counts among its clients some of the largest and most prestigious financial institutions in the world. The quality and robustness of PST’s software design and its performance in the field has been well-proven by these demanding clients. PST has applied that expertise and its own hands on experience in small business, to create standardized EZ-Scan® software and hardware packages for small to medium-sized users and applications. These packages allow small businesses to begin scanning check for immediate remote deposit and accounting system entry at a low upfront cost.
Likewise, PST has customized EZ-Scan® installations for large clients with dedicated network systems supporting dozens of check scanning work stations parsing several data fields in sophisticated, high volume setting. The EZ-Scan® system has proven itself during years of use in both simple and complex settings. PST is creating additional functionally to make EZ-Scan® available to a broader domestic and international market as the adoption of remote capture and digital checks accelerates.