Frost National Bank Transmits High-Dollar Check Images with VECTORsgi Software

Wednesday 30 March 2005 17:08 CET | News

VECTORsgi, a Metavante company and leading provider of financial transaction applications, announced that San Antonio -based Frost National Bank is using VECTOR:ImageEX to deposit image cash letters for high-dollar items to the Federal Reserve Banks to increase its funds availability.

VECTOR:ImageEX, part of the VECTOR Image Exchange Solution, positions financial institutions to transmit items quickly over a secure, managed network, shortening the traditional settlement process. Using VECTOR:ImageEX, Frost has transmitted high-dollar checks each day since February 28, 2005. Frost’s high-dollar items are transmitted to the Federal Reserve from each of the bank’s three locations. VECTOR:ImageEX ensures the format of the X9.37 file is in the appropriate Federal Reserve format before transmitting. The leading provider of image exchange solutions, VECTORsgi has been selected by nearly 50 percent of the large banks that have made an image exchange software decision. TowerGroup estimates that VECTORsgi’s current customers represent 40 percent of the future volume of image exchange.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce