Advanced Financial Solutions Receives Innovator of the Year Award; Company Recognized for Its Check Image Exchange Technology.Business Editors/High-Tech Writers OKLAHOMA CITY--(BUSINESS WIRE)--May 21, 2003 Advanced Financial Solutions (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 ) received the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. "2003 Innovator of the Year Award" in recognition of new software advancement enabling financial institutions to electronically exchange, clear and settle checks using digital imaging technology. Presented annually, The Journal Record Innovator of the Year Award recognizes superior technological advancements as well as a host of other factors including leadership, strategy, service, integration and development. Ernst & Young, The Oklahoma Technology Commercialization Center and the Westin Hotel sponsor the award. "This award is given to a company demonstrating an ability to develop and introduce a new product that makes an outstanding contribution to their respective industry and enables them to achieve a leading position in the market," said Mary Melon melon, fruit of Cucumis melo, a plant of the family Curcurbitaceae (gourd family) native to Asia and now cultivated extensively in warm regions. There are many varieties, differing in taste, color, and skin texture—e.g. , editor and publisher of Dolan Media's The Journal Record, business newspaper in Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm . Melon also commented, "In the case of AFS, we presented this award to them because they excel in all stages of technology and the company's new check and item exchange technology affirms their technological leadership in pioneering relevant client applications within the financial industry." AFS's new image-based exchange technology supports private-sector initiatives designed to advance the nation's move toward digital truncation of clearing check-based transactions. The application provides an affordable and secure mechanism for banks, savings and loans savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. , credit unions, services and clearinghouses to create a member based network to exchange checks using imaged based technology. Product developers at AFS invented the exchange software technology to seamlessly interface with existing image-based infrastructure and platform, a major feature. AFS licenses the technology to check and item processing companies. "You can pay no greater compliment to a technology company than to recognize its ingenuity. In everything we develop at AFS, the object is to create value for the customer," stated 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. , AFS president, as he accepted the award. "Our new image-based software technology signifies a quantum advancement in providing the financial industry with a solid e.business solution to help them operate at a much higher level of efficiency while simultaneously improving operational margins and customer service. And, further, because it is build upon existing image-based infrastructure, the application creates an affordable and logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation pathway pathway /path·way/ (path´wa) 1. a course usually followed. 2. the nerve structures through which an impulse passes between groups of nerve cells or between the central nervous system and an organ or muscle. for financial institutions to move toward image-based check clearing processes." The expected passage this year of the Check Modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, Act for the 21st Century is prompting financial institutions to explore replacing the present paper-based check exchange mechanism with digital imaging technology. AFS's new application provides financial institutions an immediate solution. The passage of the Act also expects to accelerate the Federal Reserve's modernization initiative. AFS won the "Innovator of the Year Award" from 25 companies and groups selected by a team of business experts for recognition. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion