Advanced Financial Solutions Sees Major Acceleration in Orders for Its Software Interface to the Endpoint Check Image Exchange Network.Business Editors OKLAHOMA Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). CITY--(BUSINESS WIRE)--Jan. 14, 2004 Orders For 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 ImageVision Courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. Product Surge In Final Weeks Of 2003 Advanced Financial Solutions, Inc. (AFS), a leading developer and provider of image-based check and remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. processing solutions, reports recent strong orders for its AFS ImageVision "Courier" software interface to the Endpoint Exchange Network. Over 45 mid-tier financial institutions and multi-institution servicers placed orders in the last several weeks for the AFS product that interfaces with the national check image exchange network, making it one of the fastest-moving product releases in the company's 12-year history. Many of these entities are multi-billion dollar asset financial institutions, among the largest in their local markets, and the list includes 8 regional bank and credit outsourcers, which significantly boosts the number of unit financial institutions AFS customers bring to the rapidly expanding network. In 2003, AFS became the first check-imaging vendor to complete an interface to the Endpoint Exchange Network, the country's first -- and only live -- national check image exchange. CheckClear's Endpoint Exchange Network, based 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 , enables U.S. financial institutions to clear their check-based transactions by allowing for the exchange of check images between its members, estimated by CheckClear to top over 4000 -- or approximately one-fourth of the nation's total financial institutions, later this year when recent enrollees go fully live. "Our customers are clearly positioning themselves for image exchange in 2004, well in advance of the effective date of the Check 21 Act," said AFS Vice President of Marketing, Jeff Vetterick. "Although Check 21 does not mandate image exchange, many financial institutions are recognizing that membership in a national image exchange program is the best approach to minimize the handling or generation of Substitute Checks," added Vetterick. The Substitute Check is a new payment instrument made legal by the Check 21 Act, which goes into effect in October October: see month. 2004. Many banks are uncertain how their operations and customers will be impacted by the introduction of paper Substitute Checks to the clearing process. "For image-enabled financial institutions, populating their archive with a first-generation first-gen·er·a·tion adj. 1. Of or relating to a person who has left one country and settled in another. 2. Of or relating to a person or persons whose parents are immigrants. 3. image received immediately and electronically, is a far more attractive prospect than the scanning of a second-generation Substitute Check," continued Vetterick. The AFS ImageVision Courier interface is designed to take full advantage of all the functionality of CheckClear's Endpoint National Check Image Exchange Network, including forward presentment presentment: see indictment. , incoming and outgoing returns, incoming and outgoing adjustments, and automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. image quality assurance for exchanged images. "The AFS ImageVision Courier interface to the Endpoint Exchange Network is a winning combination that means better efficiency, less expense, and greater profitability," added Mr. Vetterick. "AFS ImageVision Courier and the Endpoint Exchange Network will help financial institutions improve collection time, reduce costs, reduce float, curtail cur·tail tr.v. cur·tailed, cur·tail·ing, cur·tails To cut short or reduce. See Synonyms at shorten. [Middle English curtailen, to restrict check fraud, and leverage their investment in check imaging technology." About Advanced Financial Solutions Founded in 1992, AFS has consistently delivered high-quality image-based and conventional check processing solutions to the financial industry. AFS was one of the first companies to offer image and item processing technology based on the Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. NT operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . All AFS item imaging solutions are designed from the ground up with the functionality that banks and remittance processors need for operating in a high capacity transaction-based environment. Headquartered in Oklahoma City, AFS maintains offices worldwide. www.afsimage.com. About CheckClear's Endpoint Exchange Network Use of CheckClear LLC's Endpoint Exchange Network, based in Oklahoma City, enables U.S. financial institutions to clear their check-based transactions by allowing for the exchange of check images between member banks, thrifts, credit unions, service bureaus, clearinghouses, and the Federal Reserve. The Endpoint Exchange Network is the country's first and only electronic check clearing network that capitalizes on existing imaging infrastructure and settlement relationships, with the goal of connecting every endpoint in the nation. Learn more about the Endpoint Exchange Network at www.endpointexchange.com. |
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