PID

PID

Procesamiento de Imagen y Documentos

Procesamiento de Imagen y Documentos (PID) is a division created by Telered, S.A. with the objective of offering the outsourcing service of processing documents to the banks that are members of the Panamanian Banking System. This service is offered primarily to process the checks that are sent and received, which must be exchanged for their collection through the Clearing House of Banco Nacional de Panamá.

This service allows the banks to offer value added services such as:

  • Internal inquiry systems
  • Internet Banking
  • Account statements with images
  • Receipt of documents
  • Preparation of documents to be processed.
  • Capture electronic data and images
  • Correction of Documents with Errors
  • Balance and conciliation
  • Classification of Documents.
  • Reporting and magnetic printer
  • Forwarding information to banks
  • Facilities for communication from remote consultations banks
  • Generation of compact discs with images of checks processed.
ADDITIONAL PID INFORMATION

Benefits of the platform

Reduction of costs because of the economies of scale in the operation.
Reduction of capital expenditures by not having to acquire expensive.
Ardware and software periodically.
Generation of management information.
Better control of expenses, by having fixed unit costs in the operation
Access to the latest technology
Little attention of management to the the processes, enabling the Bank to focus on other services and projects that generate value to the relationship with their customers.
Little attention of management to the the processes, enabling the Bank to focus on other services and projects that generate value to the relationship with their customers.

Members of the PID network

The PID network is composed by the following members:

  • BANISTMO
  • METROBANK
  • BANCO ALIADO
  • BANCO GENERAL
  • CREDICORPBANK
  • GLOBAL BANK
  • BANCO DELTA
  • ST. GEORGES BANK
  • MULTIBANK
  • BAC CREDOMATIC
  • BICSA
  • BANCO LAFISE
  • BANESCO
  • BANVIVIENDA
  • BANCO PANAMÁ
  • MERCANTIL BANK
  • SCOTIABANK TRANSFORMÁNDOSE
  • CITIBANK
  • SCOTIABANK
  • CAPITAL BANK
  • PRIVAL BANK
  • UNIBANK
  • ALLBANK
  • BANCO FICOHSA
  • FPB BANK
  • CANAL BANK

How does PID work?

The processing of documents is performing by using imaging technology, which is leading edge technology in this type of services. This service consists of capturing the image and data, processing and distribution of information contained in the checks that are sent and received by the banks members.

Each of the banks that belong to the Panamanian Banking Centerreceives on a daily basis deposit transactions of their customers, these deposits may consist of cash, checks of the same bank (their own checks), checks from other banks (local checks) that can be composed by cash, checks of the same bank (themselves checks), checks of another banks (local checks) ad foreign banks checks.

The checks sent by a bank to the Clearing House of Banco Nacional de Panamá are those that the clients include on a daily basis in their deposits and that belong to other banks (local checks).

As an example we have that a client of a bank “X” makes a deposit to his current account of a check drawn by a customer of another bank “Y”. To collect this check, bank “X” sends it to the Clearing House, which handles the payment between banks “X” and “Y”.

This example happens thousands of times every day and between different banks, so that at the end of the day, the banks must prepare each one of these checks classifying them according to the bank from which it is drawn, adding its value and microfilming it as a backup. Then it has to prepare an envelope for each bank to which it is sending checks, which includes the checks and a detailed report of the contents, these envelopes are placed in a pouch, which is sent the following morning to the Clearing House of Banco Nacional de Panamá to process its collection. At the Clearing House there are accredited representatives of each member bank of the Panamanian Banking Center, who are responsible of delivering and receiving the documents.

The process of sending checks is called “Outgoing House”, while the delivery is called “Incoming House.” In both cases there is an exchange between banks envelope. At the beginning of the day, each bank prepares the checks received from the Clearing House for processing. This process consists in capture the information of the check such as the account number, the check number and the amount of it, and then microfilm as a backup.

Processing this type of documents represents high operating and administrative costs for the banks.

The items that mainly contribute to increase the costs are:

  • Cost of the documents processing hardware.
  • Cost of maintaining equipment and software.
  • Staff cost.
  • Processing time.