Advanced Financial Solutions Announces Intent to Explore Opportunities to Combine Remittance Processing Technologies With Lockheed Martin Distribution Technologies.Business Editors & High Tech Writers CHICAGO--(BUSINESS WIRE)--Aug. 5, 2002 AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System and LMDT LMDT Lightweight Manpack Data Terminal (United Kingdom) Will Focus On Leveraging Complimentary Remittance Processing Technologies of Check Imaging & Mail Sorting Today at the 32nd Annual TAWPI (The Association for Work Process Improvement, Boston, MA, www.tawpi.org) A membership organization dedicated to the improvement of work processes in data capture, document and remittance processing. Exposition and Forum, Advanced Financial Solutions, Inc. (AFS), the premier provider of image-based remittance processing solutions for retail, credit, banking, insurance, energy, transportation, and government operations This article aims to describe the financial expenditure associated with the operations and processes of world governments of all levels. Size of economic footprint
Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Distribution Technologies (LMDT), the worldwide industry leader in mail sorting solutions. AFS expects this effort to result in new solutions that will provide significant efficiency gains and cost savings for the remittance payment processing industry. The opportunities will consist of tightly coupling statement production, mail tracking, mail opening, image-based remittance, ACH check conversion, and check image truncation technologies that will revolutionize the way high volume remittance shops process their paper and electronic payments. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Cynthia Sailar, Vice President of LMDT Enterprise Mail, "Lockheed Martin Distribution Technologies is excited about the opportunity to evaluate combining our technology in the mail sorting industry with the proven technologies of AFS for the benefit of clients in the financial marketplace. The intent of our relationship will be to co-develop technologies for the remittance processing industry with an emphasis on reducing operating costs operating costs npl → gastos mpl operacionales , improving mail float Mail float Time period that checks for payment spend in the postal system. and eliminating unnecessary touch points in processing. I believe by leveraging each company's expertise in software and hardware development we will be able to assist our financial customers in a manner that will help them streamline and enhance statement preparation, mail flow processes as well as provide automated mail extraction, remittance imaging, ACH conversion and check truncation." Tom Dean, Executive Vice President of sales and strategic development at AFS, echoed the importance of this business relationship by stating, "Lockheed Martin brings innovative technologies to the remittance processing market that provide true customer value and business efficiencies. We are already in phase one discussion on how to incorporate our ImageVision check-imaging platform into the Lockheed Martin sorter platform. This seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. will move the processing of payments upstream and will greatly improve the payment flow. We believe by partnering with Lockheed Martin we have the potential to revolutionize payment processing in every setting, from in-house departments to wholesale and retail lockbox environments." Both companies have recently made headlines with new state-of-the-art remittance processing technology solutions. This past April Lockheed Martin announced the availability of their PureVISION camera system, a multiple Optical Character Recognition optical character recognition (OCR), method for the machine-reading of typeset, typed, and, in some cases, hand-printed letters, numbers, and symbols using optical sensing and a computer. (OCR OCR in full optical character recognition Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. ) solution that provides one of the highest read rates in the mailing industry. Just this week AFS announced the release of OPeRA (Optimum Presentment for electronic Remittance Automation). AFS OPeRA represents a comprehensive new approach to remittance and lockbox presentment and payment. AFS OPeRA reviews every remittance check payment as it is received. Custom rules automatically determine the optimum presentment for payment: traditional paper check, converted to ACH/ARC e-check, or truncated and settled through a third-party check image exchange, such as Endpoint Exchange. AFS OPeRA eliminates deposit delays and saves remittance and lockbox departments thousands of dollars per month. AFS OPeRA automatically determines and executes the best method of presentment for every remittance item processed, ensuring the lowest processing costs, fastest funds availability, or both. About Advanced Financial Solutions AFS is a leading provider of image-based processing, payment, and transaction software technology for companies engaged in banking, retail, energy, insurance, transportation, credit, and government operations. An international company with offices around the world, AFS software programs and applications process checks and items for nearly 13% of the world's financial institutions. One of the nation's fastest growing private companies for four consecutive years according to Inc. Magazine, AFS provides customer solutions that improve productivity, flexibility, efficiencies, and service levels. Gary Nelson
Gary Nelson today is a high-level NASCAR technical inspector. He previously was a major component in the DiGard Motorsports and Hendrick Motorsports teams. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AFS, was selected as the Southwest Area's Ernst & Young Technology Entrepreneur Of The Year. Visit AFS on the Web at www.afsimage.com About Lockheed Martin Distribution Technologies Lockheed Martin Distribution Technologies, Owego, N.Y., designs, produces and integrates mail automation, material handling, recognition and information processing systems for postal services, package delivery operations, and corporate mail centers as well as distribution, fulfillment and manufacturing centers worldwide. Distribution Technologies is a business unit of Lockheed Martin Systems Integration -- Owego, which is a business segment of Lockheed Martin Corporation, Bethesda, Md. |
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