Jack Henry Symitar Episys is a leading Core Banking platform for Credit Unions, and Jack Henry ProfitStars, ImageCenter platform used for capturing Teller Check Deposits at the Branch.
Credit Unions need to ensure that information about checks that are deposited at branches must align with information that is captured in the core banking system. Discrepancies between they two systems can lead to inaccuracies in customer accounts, as well as in Financial General Ledger Accounts for the Credit Union. This can lead to poor member experiences, and Financial Statement Risk because the accuracy of the Cash Position on the Balance Sheet cannot be trusted.
In order to validate the accuracy of check deposits, operations teams need to combine the following;
This process could take as long as 20 mins, but with Monarch the process can be accomplished in as little as 5mins.