Why should I use check scanners for business?

Why should I use check scanners for business?
In January 2015, the Ministry of Justice issued a Memorandum for the Electronic Checks Clearing Law, which describes new processes that were to take place in the Israeli economy in the near future. The new process, in its essence, allows new methods beyond the physical clearing of checks, via electronic clearing carried out by computer communication. At the end of 2017, the law was initially implemented between the clearing houses of the banks and in early 2018 the banks' strategic clients joined the main principles of the law.

The purpose of electronic clearing is to streamline the check clearing process and to save clearing costs in several aspects. Once the law is applied, businesses can deposit by computer communication, at any time, the checks received in favor of the organization by electronic clearing of the check details and photo, to send to the bank the checks data intended for deposit, a reply to the bank's validity certificate will not be returned to the business and no physical deposit will be required.
Because e-clearing is faster than physical clearing, the maturity duration elapses for each check will be reduced to the moment the customer's account is credited, thus ensuring the transaction's certainty more quickly.

What are the additional benefits of using a check scanner?
Streamlining the financial operations of the business from the moment the check is received.

  • Reading the magnetic stripe from the checks and writing them digitally in the enterprise software (saving time and preventing typos)
  • Capture the chic image on both sides and archive. (Documentation)
  • For the purpose of scanning the photos according to the Bank of Israel Standard for Electronic Clearing of Checks Law. (Explanation above ...)
  • Option of checking limited accounts with the Bank of Israel upon receipt of the check from the customer. (Security)
  • Automatic sign-on option for the back of check (efficiency)