Alogent Announces Agreement with NetBank to Deliver Check 21 Technology; Internet Bank Poised for Growth in Merchant and Corporate Payment and Deposit Processing.Business Editors ATLANTA--(BUSINESS WIRE)--May 17, 2004 Alogent Corp., a provider of payment transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. solutions for global financial institutions, remittance processors and payment processors, announced an agreement with NetBank (www.netbank.com), the country's first commercially successful Internet bank, to implement the bank's Check 21 payment and deposit automation technology platform that enables Intrabank Straight Through Check Processing(TM) and Interbank in·ter·bank adj. Relating to, involving, or connecting two or more banks: interbank borrowing; an interbank network of automated teller machines. Exchange. This technology helps banks adapt to check truncation and paper-to-electronic transformation, while providing image-based product and service revenue opportunities, reducing processing costs and improving quality through automation. NetBank, with customers in all 50 states, is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of NetBank, Inc. (Nasdaq: NTBK). Brian Geisel, 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 Alogent Corporation, said, "We are pleased to partner with NetBank to deliver the technology solutions they need to pursue a growth strategy in their deposit and payment processing business and quickly gain a competitive advantage through changing payments regulations." Alogent delivers a full complement of Check 21-enabled payment and deposit processing solutions utilizing a single platform to accommodate both intrabank and interbank transactions involving paper, data, image, and check conversion. Each solution uses Sierra(R) Xchange(TM), the company's Unified Payments Gateway, operating as a real-time, intelligent, payment processing engine. Sierra Xchange collects, corrects, balances, and distributes paper, data, and image transactions from all points of origination to multiple, configurable endpoints, including image archives, payment systems, ACH conversion, IRD IRD Institut de Recherche pour le Développement (French) IRD Inland Revenue Department (New Zealand's tax revenue collection department) IRD Integrated Receiver Decoder printing, and image exchange networks. With this technology platform, NetBank will be able to offer image-based deposit services to customers regardless of their geographical location. Merchants and small business customers, for example, will be able to make deposits into NetBank electronically, from their places of business, eliminating the time and manual effort required for deposit preparation or the need to visit a local branch. The image workflow and deposit automation technology tremendously improves the quality of customer deposits by removing the opportunity for keying errors and by providing direct updates to their corporate accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying systems. This accelerated deposit processing will enable NetBank to offer earlier funds availability, faster access to transaction information, and potentially lower processing fees. NetBank, Inc. Chief Strategic Initiatives Executive, Mickey Ross, said, "We serve an affluent, tech-savvy customer base that prefers the economic benefits and convenience of branchless banking. We are continually working to make their banking experience more efficient and convenient. Our relationship with Alogent will allow us to strengthen our already compelling, image-based suite of services we offer our personal, small business and merchant customers. We also intend to offer these services to smaller institutions that are looking to for ways to do business better, cheaper and faster." Gwenn Bezard, senior banking analyst for Celent Communications, said, "NetBank's initiative is an excellent example of the added-value services that banks can offer with check imaging technologies. The passage of Check 21 and the banking industry's move to check image exchange is also clearly opening new horizons for branchless banks such as NetBank." Alogent's streamlined technology platform will enable NetBank to bring its deposit processing in house in the short-term and positions NetBank for Check 21 by enabling full check truncation from point-of-presentment through central processing. It will accelerate the capture and processing of payment information and give NetBank real-time access to customer transaction data, images and other information that may be used by the institution to optimize revenue streams, reduce fraud and improve customer retention through better service. About NetBank NetBank(R), the country's first commercially successful Internet bank, provides a full line of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in all 50 states designed around the needs and lifestyles of its customers. Since it operates no branches, NetBank is focused solely on providing the best automated banking experience in the industry while passing along its cost savings through higher deposit rates and free account services. Through its mortgage lending subsidiaries, Market Street Mortgage(R) and RBMG RBMG Resource Bancshares Mortgage Group, Inc (R), NetBank ranks as a top 30 U.S. mortgage lender. The company's ATM and merchant processing subsidiary, NetBank Payment Systems, operates the fourth-largest proprietary ATM network of any U.S. bank. NetBank, Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. and Member FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). , is a primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of NetBank, Inc. (Nasdaq: NTBK), a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company. For more information on NetBank's products and services, please visit www.netbank.com. About Alogent Alogent is a financial services technology company with proven global success in providing payment processing solutions that enable banks, billers and outsource processors to reduce costs, accelerate timelines and improve quality in check and item processing. Alogent's suite of Sierra solutions help banks adapt to Check 21, check truncation and paper-to-electronic transformation. They include solutions for deposit automation, image based centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. item processing, image exchange and the unique Straight Through Check Processing(TM). Alogent products process over a billion transactions a year in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and the company provides the platform that processes 74 percent of all checks written in the United Kingdom. Alogent's solutions are being deployed to the largest deposit automation implementations in the world. Alogent brings proven credibility and leadership to help global customers address mission-critical challenges. For more information about Alogent's solutions, visit www.alogent.com. For more information about Alogent in the USA, write 4005 Windward wind·ward adj. 1. Of or moving toward the quarter from which the wind blows. 2. Of or on the side exposed to the wind or to prevailing winds. adv. In a direction from which the wind blows; against the wind. Plaza, Second Floor, Alpharetta, GA 30005; phone 777.752.6400; toll free 888.333.6030; fax 770.752.6500 or email info@alogent.com. For sales in the UK, phone 011 44 1273 414011; fax: 011 44 1273 414311 or email Haydn.John@alogent.com. |
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