Middlesex Savings Bank Implements OMEGA for ATM Deposits Management

Thursday 27 May 2004 16:07 CET | News

Massachusetts-based Middlesex Savings Bank, is now processing ATM deposits using its Microsoft .NET-based solution, OMEGA by TWS (OMEGA).

OMEGA automates the processing and management of an ATM deposit and features the latest imaging, balancing and fraud detection technology on the market. Middlesex Savings, with more than $3 billion in assets, began using the solution last month. The bank is the latest to join the OMEGA network, which includes several of the nations largest financial institutions. TWS, a Microsoft Certified Partner, developed the first feasible system to capture information directly from ATMs and quickly subject it to a fraud detection tool once the ATM accepted the image. OMEGA was designed to help TWS customers streamline and automate their ATM deposits processing from start to finish. Using digital-image processing and handwriting recognition technology to read check deposit amounts, OMEGA dramatically reduces data entry for ATM reconciliation. Other key components of OMEGA include the solutions ability to reduce fraudulent transactions by up to 70 percent; inherent disaster recovery, which stores and re-routes check images and data; and a lifecycle envelope management feature which tracks ATM deposits, giving managers the flexibility to schedule personnel based on the predicted volume of deposits. OMEGA communicates using extended markup language or XML, a Check 21 accepted format. With full imaging capabilities, it is designed to meet the current industry trend towards image-based ATMs. OMEGA supports all major ATM networks, branch and centralized check transports, and teller window devices such as MICR swipe readers and check-image capture devices.

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