VECTORsgi Introduces 21Ready Consulting Service

Friday 21 November 2003 22:03 CET | News

VECTORsgi has added a Check 21 assessment/implementation service to its consulting practice. The management consulting service, "21Ready," analyzes the clients current readiness for benefiting from Check 21, defines what initiatives it must undertake to become fully prepared and manages the implementation of the recommendations. The new service will evaluate a financial institutions current state of readiness for Check 21, advise it of any deficiencies and problematic areas and make recommendations on how to increase the institutions level of readiness. Additionally, the "21Ready" team of experts will help financial institutions develop a plan of action to increase compliance levels in front of the 2004 deadline. The consulting service then assists clients with implementation of the strategy. The SVPCo/DTA preparedness initiative will be particularly attractive to financial institutions according to Dick Jerrier, VECTORsgi vice president of consulting services. The DTA software solution manages the exchange of financial transactions among SVPCo members - who are committed to check electronification and its benefits - and bypass traditional check-clearing houses for presentment of transactions, returns or exceptions. SVPCo is owned by 22 of the largest U.S. clearing and issuing banks, which combined, hold more than $2.6 Trillion in deposits. SVPCo members represent a significant portion of U.S. Commercial Bank Deposits, giving it the resources to move the payment systems market. VECTORsgi Consulting Services practice draws on the experience of over 40 highly skilled professionals with hands-on, case driven experience rooted in lessons learned to recommend best practices. Consulting Services goal is to help clients uncover ways to reduce expenses, increase revenue and customer satisfaction, streamline processes and gain competitive differentiation. President Bush signed the Check 21 legislation, formally called the Check Truncation Act, into law October 28, giving financial institutions one full year to prepare for the era of electronic delivery of checks.

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