Creative Payment Solutions Goes Live With Carrekers Source Capture

Tuesday 9 November 2004 09:42 CET | News

Creative Payments Solutions (CPS), the payments processing subsidiary of BB&T, is in production with Carrekers Source Capture. On October 18, 2004, Prime Rate Premium Finance Corporation, Inc. launched a six-week test of Source Capture.

The Florence, South Carolina company uses a Panini S120 desktop scanner with the Source Capture solution to capture incoming premium finance payments, remittances, and checks -- with volumes as high as 3,000 items per day. The images are transmitted to CPS in Wilson, North Carolina, for posting and collecting. With Source Capture, corporations can use low-cost image scanners to capture images of checks, inspect the quality of the image captured, create an electronic deposit, and transmit the check and deposit data to the bank electronically -- rather than physically transporting checks to various bank branches. Under Check 21, which took effect on October 28, 2004, banks no longer need access to original checks for collection and settlement, but can use substitute checks and images instead. Source Capture will bring corporate customers substantial benefits of convenience, consolidation of bank relationships, and lower deposit processing fees by imaging checks at their own locations. Future capabilities of Source Capture from Carreker will include imaging checks at bank remittance, branch, cash vault and ATM locations.

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Categories: Payments & Commerce | Payments General
Countries: World
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