Bank of America's Back Office Conversion Solution

"Bank of America's BOC solution suite allows clients access to a host of time and cost saving features. We can tailor our solution to best suit our clients' needs. Options include imaging and archiving checks, repairing and redepositing returned items and extending the processing day through later deadlines. All these features are aimed at allowing our clients to run their businesses with greater efficiency and control," said Robert Johnston, product executive for Bank of America Global Treasury Services ACH and check services.

As the leading provider of financial services to American consumers and to the retail industry, Bank of America has deep insights into the business needs and demands of its retail clients that enable it to offer a unique suite of BOC offerings, including:

• Minimal change in the store environment: Bank of America's suite of solutions can be linked with retailers' current point of sale systems. It supports multiple interfaces, including MICR data file, image cash letter and remote deposit.
• Late input deadlines: Retailers can submit electronic checks as late as 11:30 pm ET, thereby extending their processing day significantly.
• Optimized clearing: Upon receipt of electronic images, Bank of America clears the payment using its best pay routing system that automatically determines the most efficient method of settlement.
• Check image and archiving: Bank of America offers an end end-to-end solution in check imaging and archiving, retaining check images for the required two years for its clients.
• Returned Items Management: Bank of America offers repair and redeposit of administrative returned items. It also redeposits items returned for insufficient or uncollected funds on the day/date of the clients' choice, and provides comprehensive returned item reporting.
• POS Reconcilement/ Location Reporting: Store number information can be captured and re-associated with every transaction for accurate balancing.

"Treasury today is more demanding and complex. It's important to work with a single contact who understands business challenges and is able to help integrate BOC into a company's end-to-end financial supply chain. Our ability to offer a suite of solutions that works for a variety of business models makes us a provider of choice," added Johnson.