Alzheimer’s Research UK, the UK’s leading dementia research charity, has streamlined how it manages its cheque payments by deploying innovative software from Checkprint, part of the TALL Group of Companies, the UK leader in the provision of secure paper and payment solutions. By installing Banking Assistant Professional, the charity is also equipped with the tools to benefit from the introduction of cheque imaging and digitised faster clearing in the UK, which is expected before the end of 2018.
Alzheimer’s Research UK funds world-class studies that provide the best chance of beating dementia sooner, focusing on prevention, treatment and cure. With no government funding for its research, the charity relies on donations from the public to be able to fund its pioneering work.
Previously, a team of employees would manually sort and process the cheques before uploading the data into internal systems, which proved to be time-consuming and not cost effective. After speaking with Checkprint, Alzheimer’s Research UK opted to install Banking Assistant Professional. This bespoke software application is a cheque and cash deposit management system that combines a desktop scanner to capture all images and details from the cheques with comprehensive software. It helps customers to comply with regulations, speeds up the banking and reconciliation process and generates a searchable archive of cheque data and images.
Whilst helping Alzheimer’s Research UK to modernise its cheque processing, Banking Assistant Professional will also prepare the charity to take advantage of the introduction of the Cheque Image Clearing System (ICS), formerly known as the Future Clearing Model, which is expected before the end of 2018. When put into place, every bank will be required to clear all cheques on the image and data files alone, and no further paper cheques will be exchanged between banks in achieving the clearing process. As a result, the time taken to clear a cheque will be reduced from the current four to six day cycle, allowing transactions to be irrevocably completed within 48 (working) hours. Banking Assistant Professional enables users to be “image-ready” and offers remote deposit capture (RDC) functionality, by agreement with their bank.
Hayley Smith, IS Manager, Alzheimer’s Research UK, said: “Checkprint’s Banking Assistant Professional has helped us to drastically cut the amount of time we spend processing and managing incoming cheques, in turn allowing our team to spend their valuable time working on other tasks. With quicker access to information surrounding all cheque payments, the solution is also helping us to resolve any queries from supporters regarding their donations. In addition, the remote deposit capture (RDC) will help to future-proof our business ahead of changes to the UK’s clearing model.”
Martin Ruda, Managing Director of Checkprint, said: “Banking Assistant is a unique application that provides functionality that Alzheimer’s Research UK requires today, as well as delivering the necessary tools to support remote deposit capture (RDC) when the Cheque Image Clearing System (ICS) is introduced in the UK. Alzheimer’s Research UK is a wonderful organisation that carries out incredible work, and we are pleased to help streamline its payment operations.”