Many financial institutions rely heavily on form and document tracking for auditing and security purposes, and these exceedingly important documents need to be printed quickly and on demand. Whether important internal documentation is needed or forms dealing with outside cash management and logistics companies need to be produced, high standards must be met. Financial institutions also routinely produce thousands of reports daily for things like archives, internal communications and ledgers that need to be collected and stored in groups.
The financial services industry is highly regulated, therefore, the importance of a clear record of the exchange of goods regarding a financial transaction is crucial. Multi-part forms are often used in these scenarios. Financial institutions need to create and assemble these multi-part documents quickly and store them together to keep business moving. Multi-part chain of custody documents are also important in armored car transports of money. Cash management and logistics companies need to provide a security net for the financial institution to know where their money has been and that it is safety accounted for.
Since working with finances is their job, companies are always trying to find cost effective solutions to their needs. High volume printing with laser printers frequently encounters issues like paper jams, overheating, increased need for manpower and high consumables cost as well as generates large amounts of landfill waste.
Implementing a Solution
The need for quick and reliable printing in the financial services industry is often overlooked. Financial institutions often try and get by with laser printers, when in reality they are just wasting time, resources and money. Laser printers demand much higher consumables, supplies and maintenance costs over time than line matrix printing. Oftentimes, companies are fooled by the lower cost of entry on a laser printer, but once the hidden expenses of supplies are revealed the total cost dramatically increases.
Within the financial industry, reports need to be collected and stored as units. Line matrix technology is able to produce continuous forms to solve this issue. Using continuous forms eliminates issues with misplaced or out of order single sheet forms. Rather than frequently refilling paper trays on laser printers, a user can load more than 3,000 sheets of paper without even removing it from the box; producing automatically collated, bound and ready for storage documents. Print quality and style can be easily adjusted to meet the demands for any particular report and line matrix printers have superior paper handling, which is particularly important for the long reports businesses need to generate.
Bank statements generally utilize a pre-printed form and data integration from a mainframe computer that requires a variety of connectivity options such as serial parallel and Ethernet. Printronix line matrix printer’s work with many of these connectivity options. Multi-part forms also have a variety of uses in the banking industry. One form may need to make its way through several steps in the chain of custody to meet certain protocols and regulations. Line Matrix printers provide the most reliable source for creating multi-part forms. Laser printers cannot produce a bound multi-part form, the user would have to print 4 or 5 copies of the same form and attach them together. While using a line matrix printer, the user can print up to 6-part forms in one pass with high-quality, easy to read text and graphics, without compromising output speed.
Line matrix printers are the right choice for the financial services industry because they offer excellent print quality at high production speeds to ensure important documents are produced in an easy to read and cost efficient manner.