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ESSA Bank & Trust Reduces Return Item Processing Time with Rosetta Technologies IRDPrint™ Advanced ReturnsAbout the CustomerESSA Bank & Trust is the leading service-oriented financial institution headquartered in the greater Pocono, Pennsylvania region. The Bank maintains its corporate headquarters in downtown Stroudsburg, Pennsylvania and has 13 community offices throughout the Pocono, Pennsylvania area. With total assets of over $1.0 billion, it is one of the region's largest mortgage lenders and offers a full range of retail and commercial financial services.The SituationSince the inception of the Check Clearing for the 21st Century Act (Check 21) on October 28, 2004, the adoption rate of imaged forward items has soared. However becoming imageenabled on in-clearing return items has proven to be more difficult for many banks and credit unions, and ESSA was no exception.Prior to the implementation of Rosetta’s IRDPrint Advanced Returns solution, ESSA received their return items each day from a third party processor. The processing time for these items was more than 72 hours. In addition to customer service issues, this three-day process put them at risk for high dollar items coming off hold prematurely without recourse. Further exacerbating the situation was the Federal Reserve Bank’s restructuring plan making Cleveland their sole printing facility. Once this consolidation took effect, ESSA would be facing hundreds of dollars per month in courier fees and further item processing delays. ESSA was also concerned about the way they were communicating these notifications to their customers. The IRDs were manually stapled to a piece of paper containing handwritten information that provided the depositor with information on why an item was returned and whether it could be re-deposited. They needed a way to make these notifications more professional and better portray ESSA’s high quality standards. Rosetta Technologies’ SolutionESSA selected Rosetta Technologies IRDPrint Advanced Returns. IRDPrint Advanced Returns allows them to accept incoming electronic cash letters from the Federal Reserve, and automatically generate a personalized customer letter, explanation of charges and legal rights, and a return IRD tear-off in one complete document. The document can then be folded, inserted into a window envelope and mailed.The OutcomeWith the implementation of IRDPrint Advanced Returns ESSA has met each of their objectives. In addition to creating a more professional image to their customers, they have cut their returns processing time from over 72 hours to less than one day. They have also eliminated all courier fees and mitigated their risk in high dollar items coming off hold prematurely. |
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