Foreign Proof of Deposit
Prismac’s Foreign Proof of Deposit (FPOD) processes foreign-currency deposits, i.e. a cheque, bank draft, or traveller’s cheque payable in a currency other than the country of negotiation (i.e. deposit). The process is also called Value on Negotiation (VON).
When a cheque is presented for payment at a local bank, the local bank must send the deposited documents to the foreign bank of the drawer for collection. FPOD scans each deposit slip and associated foreign cheque(s) into images, automatically extracting the bank account details, and compares the payment amounts. FPOD then produces a Cash Letter for the deposit and transfers images and data to the local bank’s host systems and archiving.
Prismac’s FP System includes the following functions:
Cash Letter Correction
End of Day Process
An enhanced FPOD feature – which complies with USA regulation, Check 21 – transfers the deposit information to USA-based banks for same-day value processing of American cheques and drafts.
For more information about Foreign Proof of Deposit, please contact us directly.