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Deposit Processing |
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MnIPC offers a convenient and low cost Check Deposit (Check21) Service. We offer flexible settlement options that are independent of any correspondent banking relationship. Your financial institution can make deposits using MnIPC’s user-friendly and inexpensive scanning solution or you can use another vendor’s scanning package to send Deposit Image Cash Letters to MnIPC with items that are to be sent out for collection. MnIPC passes 100% immediate credit the next business day for all deposited items. |
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Benefits of Using MnIPC’s Deposit Service |
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Low Per Item Cost – MnIPC utilizes a Least Cost Routing method to ensure that your deposit items are sent for collection through the most cost-effective channel. We pass these savings along to our clients. |
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100% Immediate Credit – Your financial institution will receive immediate next day credit for every item that is transmitted to MnIPC for deposit. |
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Flexible Settlement Options – MnIPC can transfer your funds to any settlement point you choose. |
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Low Cost, User-Friendly Software – If your financial institution needs a software package to scan items, MnIPC offers an easy to use and inexpensive solution. Otherwise, you can use another vendor’s scanning solution and transmit deposit items to MnIPC for collection. |
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Adjustments – MnIPC will handle adjustment cases that arise during the course of processing. |
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Secure Transmissions – Whether your financial institution uses MnIPC’s scanning software or software from another vendor, your items will be transmitted securely to MnIPC. |
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Full 7 Year Image Archive – MnIPC maintains an image archive of your checks that have been processed as inclearings or sent out for deposit. Your financial institution will have online access to seven years of check images for research. |
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Electronic Deposit Chargebacks – Also known as Qualified Return Checks (QRCs), deposit chargebacks are items that you have sent to MnIPC for deposit which have been dishonored by the paying institution. When you subscribe to MnIPC’s Deposit Services, we will receive these items electronically on your behalf. This reduces your exposure to losses by giving you timely notification of the return, thus allowing you to extend a hold on the item. If the item is to be re-presented for deposit, MnIPC can create an Image Replacement Document (IRD) for re-deposit. |
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On-Us and Other Items – Using MnIPC’s Deposit Service solution, you can scan your truncated items and transmit them to our image archive where they will be available for research by your staff as well as accessible to your customers through your home banking vendor interface. Other items, including foreign items, savings bonds, and deposit slips, may also be scanned for archiving purposes. All imaged items are available for a full seven years. |
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Disaster Recovery - Though completely image enabled, MnIPC has maintained the infrastructure necessary to accept physical paper presentments. Your financial institution can, if necessary, send your paper deposit items to MnIPC where they will be scanned and sent out for collection. |
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Remote Deposit Capture (RDC)
MnIPC has been certified to interface with multiple RDC providers. We also have the ability to accept deposit items from almost any capture solution. This includes smartphone deposit, merchant/business capture, and home deposit. |
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