Would you like a demo of our model? Just click here to have a demo set up!

Metavante Banking Solutions has developed iXchange, an image-based check clearing solution that allows the bank of first deposit to convert their paper checks to digital images and send the images out for collection rather than the paper items themselves. By electronically submitting their cash letters, depositing banks can lower the cost of clearing their checks and eliminate the delays caused by waiting for the delivery and processing of the physical checks.

Benefits of clearing checks by image include: improved funds availability, elimination of courier deadlines and fees, potential for extended teller line cut-off, quicker return handling, opportunity for some same-day collection, potential item fee reductions, and elimination of an encoding pass.

iXchange enables banks to take full advantage of recent technological advances such as prime pass image capture and check image archive solutions. This helps to avoid delays of antiquated methods of transporting checks to other institutions by ground or air and reduces the possibility of losing checks.

And, the thin client iXchange software offers an intuitive interface with extensive drill-down detail that offers capabilites such as zooming in on an image to see all the details and flipping it over to see the reverse.

By partnering with Metavante Banking Solutions for image check clearing, you will will be able to exchange images with the local bank down the street, regional banks in your area, and other banks all over the United States. Metavante Banking Solution’s iXchange is proud of the following distinctions:

• Designed and built specifically for community banks.
• 18 months experience swapping images.
• Accommodates the ANSI X9.37 2003 DSTU image standard format.
• Ability to handle an entire outgoing cash letter through direct exchange combined with gateways to the Federal Reserve and other exchanges.
• iXchange is an ECCHO Rules Sponsor.
• iXchange offers the ability to work with the settlement partner of your choice.
• iXchange offers an active gateway to the Federal Reserve for FedForward, FedReceipt and FedReturn services
• iXchange offers a NCHA settlement link for non-Fed trades.
• iXchange has been selected as an exchange partner for First National Bankers Bank in LA, Mississippi National Bankers Bank, Alabama Bankers Bank, and The Independent Bankers Bank in Texas.
• iXchange works with banks to establish local exchanges.

Remember, the ultimate goal of iXchange is to leverage technology to handle your checks simply and cost-effectively!

Would you like a demo of our model? Just click here to have a demo set up!

Our Model

iXchange is a private sector initiative that provides image exchange and settlement capabilities to financial institutions throughout the US .

iXchange enables financial institutions to truncate transit items during their original capture, replace the original item with a digital image substitute, and electronically clear those items with other participating institutions (and exchange networks).

iXchange will connect member financial institutions, service bureaus, and third party payment processing companies to provide image exchange and settlement capabilities.

By working openly with other industry exchange networks, iXchange member financial institutions can take advantage of exchange and settlement with nearly any image-enabled financial institution (or exchange network) in the country.

iXchange will focus primarily on member financial institutions and the exchange of images with participating institutions and other industry networks. Those institutions which are not willing or able to accept image clearing files will continue to receive the physical checks, until such a point that the ability to convert check images into Image Replacement Documents (IRDs) is lower than the cost of processing the original items themselves.

iXchange estimates the cost of clearing and settling images electronically with participating institutions (and networks) will fall below the current cost of clearing physical items. Items cleared electronically will have a lower cost of processing and offer the potential to reduce and eventually eliminate the cost of transporting physical items throughout the clearing process. As electronic image exchange and settlement gains more participants further economies of scale should become evident.

All Exchanges

All exchange houses will have approximately the same telecom cost.

All exchanges will provide substitute documents at a competitive price..

Exclusive to iXchange

iXchange can accept files from Jack Henry, Fiserv, Federal Reserve, Fidelity, and convert each to process in your system.

iXchange will jointly engage banks that you request added to the network.

iXchange has no administrative fees or unknown fees.