ItemAge CAAS

Cost-effective for lower volume payment processors

Check 21 as a Service

ItemAge CAAS (Check 21 as a Service) provides billers of all sizes with a low-cost way to generate Image Cash Letters (ICLs) of forward collection items for clearing via Check 21.

By leveraging a service model, ItemAge CAAS allows billers to reap the benefits of Check 21-enabled processing without the upfront capital expense, longer implementation times, or technical expertise required for in-house Check 21 components. This makes ItemAge CAAS a very cost-effective Check 21 solution for lower volume payments processors, or those that have had trouble cost-justifying Check 21 in the past.

With ItemAge CAAS, our partner bank will clear items on a biller’s behalf and present substitute checks or an electronic file to the paying bank. Billers can deposit mixed, pre-sorted, or fine-sorted ICLs of forward collection items. What’s more, ItemAge CAAS delivers a simple and predictable cost model — billers only pay an item charge for deposited items, with no additional bank fees.

ItemAge CAAS Benefits

• Accelerated funds availability
• Transportation savings
• Flexibility to deposit mixed or sorted ICLs
• New backroom efficiencies
• Greater operational flexibility to changing volumes
• Predictable variable expense model
• Support for multiple depository relationships
• Minimal upfront implementation costs
• Rapid implementation of two weeks (average)
• Easily accessible customer service
• Built-in balancing reports

How It Works

• Billers receive payments via the mail
• Payments are processed using a Creditron solution
• Check images and transaction data are converted to an Image Cash Letter and forwarded to our partner bank for clearing and settlement
• The check writer’s account is debited and cleared funds are deposited into the biller's account
• Files are made available for import into the biller's A/R system

And unlike ACH, Check 21 allows billers to electronically deposit any type of check, including business checks, government checks, personal checks and money orders.