Alogent Corporation Prepares Banks for the Check Truncation Act - Check 21 - and The Twelve Month Payments Integration Period.Business Editors ATLANTA--(BUSINESS WIRE)--Oct. 28, 2003 Law enacted one year from today's bill signing by President Bush; What's the next step for banks? 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 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. and payment processors, announced in conjunction with the White House signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. for the Check Clearing for the 21st Century Act that it is prepared to assist the largest financial institutions in the nation with implementing a comprehensive, image-enabled item processing infrastructure. "This landmark legislation represents the next step in revolutionizing the banking industry," said Brian Geisel, founder 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 Alogent Corp. "Now that the ink is dry, financial institutions need to prepare themselves for 'The Payments Integration Period' -- the period between now and fall 2004 when the law is enacted. Alogent has proven solutions that can deliver significant benefits today, thus building the case for enterprise wide image infrastructure without waiting for the actual enactment of Check 21 twelve months from now." Alogent's image based payment processing solutions are in use at Global 50 financial institutions, including its use as the processing platform for 70 percent of all checks written in the U.K., and its selection by a top 10 U.S. bank to be the platform to deploy the world's largest deposit automation implementation across a national network of 1500 branches. Alogent founder and CEO Brian Geisel is available to comment on the strategic ramifications ramifications npl → Auswirkungen pl of Check 21 to the all important bank payment franchise, and of Alogent's unique experience in having implemented image based check truncation solutions in the U.K, where drivers to Check 21 such as declining check volumes began in the early 1990s. Geisel brings a trans-Atlantic perspective to payments processing, having delivered Check 21 type solutions in both the U.K. and the U.S. since 1995. Alogent has documented and detailed the savings banks savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. can garner today from "Straight Through Check Processing(TM)" (STCP STCP Sociedade de Transportes Colectivos do Porto STCP Sustainable Tree Crops Program (Africa) STCP Stimulated T Cell Chemotactic Protein STCP Serviço de Transportes Colectivos do Porto (Portuguese: Porto Bus Service) ). The STCP concept details how image technology can be used from the earliest point of presentment presentment: see indictment. to boost workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. efficiency, eliminate paper, and build strategic migration from paper to electronic payments. An Alogent study indicates that a typical Tier-1 bank (i.e., banks with greater than $50B in deposit assets) could potentially save over $45 million per year by implementing STCP. These savings can be realized now during "The Payments Integration Period" prior to the Check 21 Enactment, as they do not depend on post-Check 21 infrastructure for image exchange. In related news, Alogent is soon to open the doors of a 10,000 square-foot facility, which will allow financial institutions to view and participate in image-enabled enterprise solution demonstrations and evaluations related to Check 21. Live demonstrations will include how Alogent's paper-to-image transition solutions, including "Straight Through Check Processing(TM)" and inter-bank data and image exchange, can benefit their organization. About Alogent Alogent is a 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. 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 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 U.S., and the company provides the platform that processes 70 percent of all checks written in the UK. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion