First Tennessee Taps CheckFree
First Tennessee Bank (Memphis) rolled out CheckFree's (Atlanta) e-Check Bridge and Payee Verification software to help mitigate risk and reduce financial losses associated with fraud for its corporate customers. E-Check Bridge ensures that converted corporate checks do not bypass the existing positive-pay process in the paper check processing environment. Payee Verification enhances positive-pay protection for commercial clients by matching customers' check issue files with physical checks.
Reliance Relies on Fiserv for Wire Transfers
Altoona, Pa.-based Reliance Bank rolled out Fiserv's (Brookfield, Wis.) WireXchange, a browser-based tool that enables banks to complete wire transfers online with one-step data entry. WireXchange automates the wire entry process; posts the online, real-time transaction to the Fiserv Vision system; transmits it to the Federal Reserve; and confirms completed wires. It also automates Office of Foreign Assets Control (OFAC) checks, and posts wires and fee amounts to customers' accounts.
Republic Deploys Hyland for Loan Processing
Las Vegas-based Republic Mortgage deployed Hyland Software's (Cleveland) OnBase enterprise content management software suite. By integrating OnBase into Republic's existing environment, the financial institution improved imaging, storage, retrieval and delivery capabilities. Republic now can access loan documents from anywhere using a Web client. The financial institution expects to realize an ROI in a little over 11 months and a two-year savings of approximately $230,000 due to the installation.