Float

RemitTrac: Float Overview

With float accounting for up to 30 percent of a financial institution’s profit margin – and cutthroat unit pricing eating into those margins – proper float management is vital to a bank’s success. But the optional float module for ImageScan Inc.’s RemitTrac wholesale lockbox solution makes it easy for financial institutions to gauge the profitability of schedules for clients and prospects, and to accurately adjust pricing and float availability. The component calculates and reports both customer and bank float availability, per item, batch and deposit. Below are some of the easy-to-use features of the float system:

Flexible float tables can be setup for each lockbox and processing day. The tables calculate float availability for each lockbox (specified as a percentage divided over five days) using either encode or deposit cut-off times. The module provides default, weekend and holiday settings for each table.

To streamline customer reporting, ImageScan’s float module can provide float values for: intra-day feeds to the bank’s mainframe; printed customer deposit reports; files transmitted to customers; and the bank’s image archive.

Using batch encode times, float provided to customers can be compared to the actual float attained by the bank through check processing. This enables banks to quickly gauge the profitability of schedules for clients and prospects.

To ensure accuracy, RemitTrac automatically validates the full or partial routing and transit numbers on the MICR line of any lockbox identified during setup as having float calculation. The system presents to a data entry operator any check images whose routing and transit numbers could not be read from MICR. The operator can repair the MICR line at high speed from image, ensuring the float assigned is based on an accurate routing and transit number.

IBM CPCS float tables for check processing can be imported into RemitTrac to create lockbox tables. This eliminates duplicate table maintenance and slashes the time needed to setup schedules for new wholesale accounts.

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