Financial institutions rely on core banking systems to perform a variety of transactional functions and store important account and general ledger information, including customer or member data, loan balances, payment due dates, and much more.
Duplicating a negotiated check or an official check.
Courtesy Amount Recognition (CAR) is a process used by financial institutions, such as banks and credit unions, to facilitate the automated processing of checks by recognizing the numerical value of the check's amount.
Covenant-related exceptions occur when a borrower does not comply with one or more covenants previously agreed to in the loan agreement.
Cover sheets are pieces of paper that are placed in front of one or more documents prior to scanning. Cover sheets usually contain barcoded information, which streamlines the electronic indexing of scanned-in document(s).
With credit document imaging, financial institutions leverage technology to scan, save, and organize information that pertains to borrowers.
In general, credit documents are those documents that pertain specifically to the borrower (not the loan). Financial institutions rely on credit documents to provide information about the customer and establish the customer’s creditworthiness.
Credit exceptions occur when a bank or credit union expects to have certain credit-related documents but does not.
Customer Due Diligence (CDD) is the ongoing process banks and credit unions use to understand a customer’s identity, ownership structure, business purpose, and risk profile throughout the life of the relationship.
In banking, the term “customer financials” is commonly used to encompass a variety of documents that are utilized to determine the creditworthiness of a borrower. Banks utilize data from the customer financial statements to make prudent decisions and avoid unnecessary risk during the lending process.
Customer Identification Program (CIP) is the set of required procedures banks and credit unions use to verify the identity of customers at account opening.
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.