We are very excited to see the efficiencies these new services will generate for us and our customers. The Helena Branch, working closely with Montana financial institutions, has developed EPIC as a prototype for future electronic check processing within the Federal Reserve System. These services are now available to all financial institutions in Montana. With these imaging services, banks can offer customers the option to have their paper checks truncated at the Federal Reserve Bank Helena Branch where an electronic image is filed. Financial institutions then receive an electronic file with information from the checks to be posted to the customers' accounts.
Banks can offer a monthly statement where check images replace the original checks.
This is an exciting opportunity to move the payment system forward in Montana.