Diebold Joins Forces with Alogent

Friday 21 November 2003 23:16 CET | News

Diebold is expanding intelligent check handling at the automated teller machine (ATM) to include the capture, validation, management and transfer of check images and related transaction information.

By forming a strategic relationship with Alogent, both companies have worked together to couple Alogents award-winning, Sierra Xpedite deposit automation software with Diebolds world-class ATM terminal software. The result is ImageWay. This enables Diebold to offer financial institutions the significant cost savings and operational efficiencies of image-based ATM deposit processing. With approximately 42 billion checks written in the United States each year, financial institutions are embracing check imaging as a way to reduce processing costs and the fraud risks associated with physically presenting and returning checks. Check 21 is expected to greatly accelerate this migration. Relying on electronic imaging and routing of checks may reduce the cost of processing checks by 75 percent and may reduce the potential for some check fraud by 50 percent. The capture, recognition and automated validation of check images at the ATM enables real-time proof of deposit. It also significantly reduces the potential for deposit fraud through schemes such as empty envelopes, incorrect amounts, and fraudulent checks. Financial institutions can extend the hours for funds availability for ATM deposits, since transactions can be processed throughout the day based on the real-time capture image and data, without dependence on the collection and transport of paper items. This solution also minimizes the need for labor intensive envelope opening, item extraction operations and ATM balancing solutions. The Diebold ImageWay ATM Agent leverages Alogents Sierra Xpedite software to help manage the transmission of check images and related transaction data from the ATM to the Diebold ImageWay server. The server application leverages Sierra Xchange, a unified payments gateway that makes image and related information easily available to other external applications in an open format. By incorporating Alogents deposit automation technology, Diebolds ImageWay solution is also capable of image-assisted workflows including automated image based processes and balancing to ensure transaction quality and integrity. This eliminates the need for envelope-based ATM balancing systems. Diebold has offered the Intelligent Depository Module (IDM) check reader on ATMs for more than 10 years. The company holds multiple patents for conducting check imaging on ATMs, including placing images of the check on the ATM screen, conducting image analysis of check data and placing check images on receipts. With the IDM providing the largest installed base of check readers at ATMs, Diebold is building on proven technology. IDM functionality will be utilized for check handling at the ATM.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce