Financial institutions use the phrase “Day 1 processing” to describe the time period when a check enters the payment stream for settlement. Banks and credit unions must implement reliable and efficient Day 1 processing workflows to ensure streamlined operations and avoid costly oversights.
Financial institutions use “Day 2 processing” to describe the identification and handling of checks with exceptions. Not all checks require Day 2 processing. In fact, the vast majority of checks are processed without exception.
Debt covenants, also known as financial covenants or banking covenants, are conditions written into commercial loan agreements that bind both the bank and borrower to the terms.
A deed of trust is an agreement between a residential or commercial borrower and a lender in which a neutral third party serves as a real estate property trustee.
Deposit documents are those documents that are necessary for establishing, maintaining, and supporting a deposit account at a financial institution.
Deposit imaging is the process of digitizing paper documents that are associated with deposit accounts.
The goal of digital transformation in banking includes improving efficiencies, driving loyalty and engagement from customers and members through a streamlined user experience, and ultimately delivering a competitive advantage to the bank or credit union.
A disclosure is a document that makes information known. In the banking industry, it’s a statement provided by a financial institution—to either a consumer or commercial customer—that outlines all pertinent information.
Document capture refers to the process of gathering documents into a standardized format, such as in an electronic content management system. Some financial institutions use the phrase “document capture” interchangeably with document imaging, but document capture relates specifically to the document collection phase of the imaging process.
Document collection software is used by financial institutions to electronically collect documents from customers.
Document imaging software organizes, stores, and retrieves documents. The data managed by a document imaging system could reside on an in-house or cloud-based server.
A document imaging technician ensures the timely and accurate scanning and indexing of paperwork into the organization’s document management software.