Check 21 Law: Electronic Check Clearing Software
ScanOnce is the only automated interface between a PC-based loan servicing system and the Federal Reserve System. Dynamic Interface Systems Corporation (DISC), the world leader in loan servicing software for Microsoft Windows, has integrated ScanOnce into the latest version of its flagship product, LOANLEDGER.
Not only does ScanOnce give you full compliance with Check 21, it can automatically eliminate half of all your loan servicing costs! Just imagine: a single pass through the check scanner and you automatically collect your funds from the borrower's bank account, credit the borrower's loan account for the appropriate principal, interest and servicing charges, and 14 days later, you simply destroy the old original check. Virtually no data entry fuss. No key punch errors. No clerks filling out deposit slips. No bank charges for handling paper checks. What if you never again had a bounced check?
Years ago, FNMA estimated that loan servicing costs $4.30 a month... per loan. It's got to be more than that now. But even assuming the old estimate, how much would ScanOnce save you? Eliminating half the cost-say, just $2.00 a month, times 12 months, times the number of loans you have... you do the math! So much for theory.
The US Government and the banking system aren't giving you much choice: "Comply or die. You choose." Since truncated checks are, by law, the wave of the future, the sooner a lender begins this new system, the more money he can save. With ScanOnce, any lender can launch ACH transactions, sending them into the Federal Reserve System with not much more than a modestly priced, leased scanner.
Experience a free and personalized software demonstration over the Internet.