The 100-year old bank says its search for a check imaging vendor began when it was notified that the Fed would increase rates on clearing paper items. It chose Goldleaf 's Net.Check product to perform imaging, clearing and settlement services electronically to save time, money and staff resources.
"For the past 12 months, our bank has been going through a radical makeover," said Paul Hallquist, SVP of State Bank of Hamburg, in a statement. "With a major technological overhaul that included implementing an imaging solution, revamping our Web site and online banking system, we have been strategically focused on improving our operational efficiencies to remain competitive and create new revenue streams. Goldleaf spoke our language," he said, adding, "We have already reaped the benefits—from saving time throughout the clearing process to a reduction in costs."
The automated platform has allowed the bank to save money on clearing costs by sending items through the Minnesota-based United Bankers Bank, costing eight-tenths of a penny as opposed to the Fed, which costs eight cents. According to bank executives, United Bankers Bank has been very successful in developing a large image exchange, which the State Bank of Hamburg can leverage for greater cost savings as it clears the majority of its items through the exchange.
State Bank of Hamburg said it chose Goldleaf from a short list of three vendors, after calling other banks to get references and contacting its current core provider.