VECTORsgi Solutions to Automate 40 Percent of Check Image Exchange Market

Wednesday 2 March 2005 17:14 CET | News

VECTORsgi, a Metavante company and a leading provider of financial transaction applications, announced that 13 major U.S. financial institutions have selected the VECTOR Image Exchange Solution to help them implement check image exchange.

They include ABN-AMRO, Bank of America, Fifth Third Bank, First Citizens Bank, First Horizon National Corporation, Frost National Bank, Harris Bank, National City Corporation, Navy Federal Credit Union, Popular Inc., U.S. Bank, UMB Bank, and Union Bank of California. The early leaders have already begun to test their image exchange capabilities. While many VECTORsgi-enabled banks are currently testing exchanges between their peers, through SVPCO, with the Federal Reserve and within Viewpointe, First Horizon National Corporation has moved into production and expects to increase its exchange volume in the near future. The first step in image exchange is capturing the image. Using VECTOR:Capture for Prime Pass, Union Bank of California recorded a period during which more than 135 million items were processed without a single missing image. This has proven to be the smallest missing image rate in the industry. Regardless of what you may have read about the slow adoption of image exchange, our sales indicate a huge investment by large banks in the technology foundation, which is needed for rapid growth in image exchange and the distributed capture of check images, said Sydney Smith Hicks, president and CEO of VECTORsgi.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce