CXI can clear most foreign denominated checks with ease, as well as USD checks drawn on foreign banks, better accommodating customers’ needs in an increasingly globalized economy. Using CXI's online software CEIFX, financial institutions and corporations have a secure environment that streamlines the clearing process so funds can be made available quicker. Foreign check items can be cleared on Collection or as a Cash Letter.
Foreign currency Cash Letters are available for many checks drawn on a foreign bank same as the currency. This provides the quickest possible availability of funds. Foreign currency checks cleared on Collection alternatively are sent directly to the bank the check is drawn upon and the funds are available once the item clears in CXI's local bank account.
The CEIFX system is designed to reduce entry errors and automate the check clearing process. The system features Smart Check Identification that is designed to automatically detect whether a check should go to Check Collections or as a Check Letter based on pre-determined limits. Additional features of the CEIFX system include:
Learn more about how CXI's Foreign Check Clearing service can help your financial institution or corporation.