Infonox and SEI automate Check 21 cash and check deposit processing at ATMs

Software Earnings, Inc. (SEI) and Infonox have certified SEIs Enterprise ATM Deposit Processing solution. This combines SEI core processing imaging technology with Infonoxs Active Payment Platform to support the image capture of both check and cash deposit transactions at the Automatic Teller Machine (ATM). The resulting deposit automation and imaging solution enhances cash and check deposit processing at ATMs, heightens customer convenience, and dramatically lowers the traditional operating costs associated with ATM deposit processing. The use of the innovative Infonox technology allows a financial institution freedom to choose the ATM hardware used and supports mixed vendor ATM networks. By imaging the deposited checks at the point of presentment, a financial institution is able to eliminate empty envelope fraud, reduce deposit sweeps and lower servicing costs. The Infonox solution raises the deposit transaction to a higher level of consumer confidence by displaying the check image on the ATM screen and printing the check images on the customer receipt. The average cost for a typical teller transaction is $1.70 while an ATM transaction costs an average of $0.40. The resulting cost reduction from deposit automation at the ATM can be used as a basis for moving more routine transaction processing to the ATM. With an image-enabled depository, an ATM can also be utilized as an effective marketing tool for the "unbanked" market. Infonox provides a complete suite of advanced ATM applications that include check cashing with a third party guarantee. The image of the check being tendered is presented to the SEI check image system for processing. Images are then available for further use such as clearing, settlement, research, archive or image exchange. If the check is not drawn on the ATM owner bank, third-party service providers already certified to the Infonox Active Payment Platform can guarantee it. The resulting proceeds can then be used to create a "virtual balance" that will fund other revenue generating transactions from the Infonox application solution repertoire.