Wells Fargo Bets Big On Check Imaging

Furthering its commitment to check imaging and Check 21 compliance, Wells Fargo has not only signed on to participate in Viewpointe Archive Services' national check-image archive, but has also taken an ownership position in the company. New York-based Viewpointe, which was founded by Bank of America, JP Morgan Chase and IBM, provides check-image services and allows member banks to send check images to a central repository, rather than setting up individual connections between the banking institutions for transferring check images.

The Check Clearing for the 21st Century Act (Check 21) went into effect this past fall, establishing that a substitute check, or digital image of a check, is equivalent to a paper check. That set the groundwork for banks to process check information electronically.

Viewpointe's check-image service, specifically, will provide Wells Fargo with efficient ways to store, retrieve and share check images with other banks. This will, in turn, reduce the amount of paper checks Wells Fargo circulates around the country, which will save the bank money each year.

As part of the concurrent agreements, Wells Fargo will become a part of ImageShare, Viewpointe's on-demand, image-exchange service, and will establish a network connection to Viewpointe. Wells Fargo also will be installing check-image scanners at teller windows in 6,000 branches across the country. In addition, Viewpointe will provide services for storing, retrieving and sharing check images with other financial organizations. With the Wells Fargo addition, the Viewpointe national archive of check images will reach more than 25 billion annually. Other Viewpointe board members include JP Morgan Chase & Co., Bank of America, US Bancorporation, SunTrust Bank and IBM. The financial terms of the deal were not disclosed.