Metavante Introduces Enterprise Duplicate Payment Detection Software Solution
Metavante (Milwaukee), the banking and payments technology subsidiary of Marshall & Ilsley, introduced its VECTOR: Duplicate Detection product.
VECTOR: Duplicate Detection is designed to identify duplicate payments that originate from any point of capture — whether by accident or deliberate intent. The solution is designed to support up to 3.6 billion items at speeds in excess of 50,000 items per second, and runs on standard hardware.
With VECTOR: Duplicate Detection, financial institutions can reduce the high cost of back-office research, adjustments and the correction of duplicate payments and double postings. It is also an effective fraud prevention system, as the ability to operate enterprisewide facilitates detection of items that may have been deposited at one point of presentment and then redeposited either at another location or as a different form of payment.
Alogent Debuts New BOC Product
Alpharetta, Ga.-based Alogent, a provider of enterprise payment transaction processing solutions, announced its open systems solution support for the new NACHA rules for back-office conversion (BOC) so that financial institutions' merchant clients can convert check payments in their back office to ACH payments.
Alogent has extended the capability of Sierra Xchange and Sierra Xpedite Remote Deposit to support centralized processing of BOC as add-on functionality to its current ACH software capabilities. This new functionality facilitates intelligent routing of each item for optimal efficiency regardless of its endpoint, using a single payments gateway to the bank's payment systems — via image exchange, ACH or IRD.
CPS Selects Carreker's Web Capture Product
Carreker (Dallas), a provider of technology and consulting solutions for the financial industry, announced that Creative Payment Solutions (CPS), the payments processing subsidiary of BB&T Corp., has gone into production with multiple financial institutions using Carreker's Source Capture Suite/Web Capture solution.
CPS, which provides ASP services to its parent company and other banks, has licensed the Web Capture solution to several third-party financial institutions that will brand the product as their own and sell it to their corporate customers.
Web Capture is a bank-branded, remote deposit product that allows banks to use image scanners to capture images of checks, balance and correct the deposit, create an electronic deposit, and transmit the check image and deposit data to the bank electronically via the Internet. Web Capture also eliminates the need for application software and ongoing maintenance of software and profiles at the remote capture site.
Community Financial Institution Check Image Exchange Goes Live With LendingTools.com's On-We Network
LendingTools.com (Wichita, Kan.), an ASP for correspondent institutions and community financial institutions, announced that United Banker's Bank (UBB), the wholly owned correspondent banking subsidiary of United Bankers' Bancorporation, has become the first Community Host on the On-We Network to begin check image exchange among its community financial institution customers. UBB has over 700 customers in a market area that extends across the 9th Federal Reserve District and beyond.
LendingTools.com created the On-We Network to maximize intermediation of correspondent institutions in image exchange among community financial institutions. On-We Network Community Hosts (Co-Host), such as UBB, perform clearing and settlement functions for customers in their network community.
Kodak Delivers New Check Scanner
Eastman Kodak (Rochester, N.Y.) announced it is adding a new check scanner to its Check Imaging Solutions portfolio the KODAK i6015.
The i6015 Check Scanner joins the KODAK i6060 and KODAK i6090 Check Scanners along with image capture and transmission software, image archive, and a host of support and service options. The expanded portfolio improves the management, archiving and communication of deposit and payment-related information, leading to accelerated clearance of funds and reductions in costs associated with check processing for businesses, government agencies and banks.