EVERTEC Selects VECTORsgi

The VECTOR Image Exchange Solution positions financial institutions to receive and process files, identify exception items and process exceptions via image. Images are transmitted quickly over a secure, managed network to other financial institutions, shortening the traditional settlement process. The solution also performs “virtual” capture and reject repair and automated balancing to complete the transactions. The solution will be available to all of Puerto Rico’s 14 financial institutions as well as institutions in the British and Virgin Islands. It will later be offered to financial institutions throughout the rest of the Caribbean and Latin America. Banco Popular, a $44.4 billion financial institution with more than 200 branches in Puerto Rico and the Virgin Islands, is EVERTEC’s first customer for the solution. It plans to begin image exchange with the Federal Reserve Bank of New York no later than June. Offering an image exchange option to local banks will dramatically reduce transportation costs for moving checks between islands and the U.S. The option also eliminates the chance of backlog due to weather-related circumstances such as hurricanes or unforeseen events. By hosting the VECTOR Image Exchange Solution, EVERTEC is presenting this cost-saving opportunity to financial institutions of all sizes at a reasonable price.