In these difficult times surrounding COVID-19 and its evolving impact on workplaces, it is imperative to receive information as quickly as possible to help mitigate fraud risk. Advanced return reporting can help your institution mitigate the impact of check return items. Advanced payor reporting enables your institution and its customers to review details of presentment items for fraudulent activity and enable timely returns. Whether working remotely or on site, access to timely reporting can help your institution and your customers remain agile and reduce fraud risk, especially in contingency scenarios where access to critical applications may be impacted.
Federal Reserve Financial Services offers advanced check reporting options to meet these needs, either as cost-effective new functionality or as an option to supplement current capabilities. With advanced notice reporting options through the FedPayments® Reporter Service for Check Services, your institution will gain early access to information for checks processed by the Federal Reserve Banks. Subscribed reports are securely delivered to internal staff and/or external customers.
Reduce risk of loss with Check Advanced Notice Return Report
The Check Advanced Notice Return Report provides the Bank of First Deposit (BOFD) with advanced notice of the return items that the institution will be receiving in its electronic return cash letter from the Federal Reserve Banks. This report enables the BOFD to assess the impact of a check return item earlier in the business day.
Get early access to presentment items with Check Advanced Notice Payor Report
The Check Advanced Notice Payor Report provides the paying institution with advanced notice of the inclearing items that the institution will be receiving in its electronic forward cash letter sent by the Federal Reserve Banks. This report enables the paying institution to have access to more timely notice of inclearing items to be able to address the impact of select items to any of its account holders, including corporate customers and consumers. Additionally, being able to provide timely notice of all check presentment items directly to corporate account holders can assist with controlled disbursement and reverse positive pay needs.
For more information on the reporting options available and how to sign up, please visit the FedPayments Reporter Service for Check Services page or contact FedACH® and Check Services Customer Support.