Banks utilize a variety of management systems to ensure smooth operations and maintain compliance.
Barcode scanning is a method of using barcodes to identify what a document is and where it belongs in a file. When properly utilized, barcodes can streamline a bank’s document management workflow and reduce the likelihood of documents being inserted into the wrong file.
Some loan origination systems (LOS) make it possible to generate loan documents with embedded barcodes. Barcodes can contain a variety of information, such as account number and document type, which could be useful for expediting a financial institution’s loan document management workflow.
Batch scanning is the process of scanning more than one document in a single action. For example, a lender might use batch scanning to quickly digitize an entire loan file for a customer.
A BSA Compliance Officer coordinates and monitors adherence to Bank Secrecy Act regulatory requirements, which are focused on detecting and halting money laundering.
This type of fraud involves two accounts from different financial institutions. Here the account owner writes a check from one account and deposits it into the other account so as to inflate the balance and then withdraw the funds.
With Check washing, checks are washed with chemicals to erase the information and populated with new information.
Cold storage in banking provides a snapshot of each day’s activity at a financial institution. Cold storage houses a variety of reports, statements, notices, and images generated by a bank’s core system as part of its nightly processing.
Collateral is something of value that a borrower pledges at a bank’s or credit union's request to mitigate the financial institution’s risk in the event of nonpayment.
Collateral inspection is a process performed by financial institutions to confirm the value of the collateral used as security in loans.
Collateral perfection is a process that financial institutions go through to protect their ability to take ownership of collateral in the event of default. Maintaining proper documentation and ongoing tracking procedures are key steps for perfecting collateral.
Commercial credit analysis ratios are used by underwriters in business loan determinations.