EDR in the News
New Software Implementation
EDR will implement the Image Cash Letter (ICL) software to conform to Check 21.
Check 21 refers to the Check Clearing for the 21st Century Act (Check 21) that was signed into law on October 28, 2003, and became effective on October 28, 2004.
In October 2012, we plan to implement ICL as part of our EDR solution. We will use ICL software to make bank deposits electronically multiple times throughout the day. Using our new scanners, we will scan all paper checks received and submit the image electronically to our banks for deposit. This will allow us to begin earning interest on checks that we currently retain until the next day's deposit when we miss the once a day deposit cut-off. Overall, we will streamline deposit preparation and expedite the availability of funds.
With ICL, we will also reduce the time, cost, and risk involved with processing paper checks.
- Paper checks will be scanned and converted to electronic images.
- Bank deposits will be made electronically, eliminating the need for a courier to deliver paper checks to various banks.
- We will earn more interest by making more deposits throughout the day.
Other state agencies including the Department of Child Support Services and the BOE are also implementing the ICL software this year.