Alogent and Colonial Bank Sign Letter of Intent.Business Editors ATLANTA--(BUSINESS WIRE)--June 11, 2002 Bankers Attribute Selection to Alogent's "Unmatched Innovation" with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) 3890/XP Check Sorters and Co-Existence with Legacy Systems Alogent Corp., a developer of item processing solutions for global financial institutions and remittance processors, announced that it has signed a letter of intent with Montgomery, Alabama-based Colonial Bank Colonial Bank, a subsidiary of Colonial Bancgroup Inc. NYSE: CNB, is headquartered in Montgomery, Alabama. Colonial Bank has 300 branches in the states of Alabama, Georgia, Florida, Nevada and Texas. Its common stock is traded on the NYSE under the symbol CNB. , a $13 billion institution, to implement Sierra Clearing, its server-based accelerated item processing product, in Colonial's check processing operations. This announcement comes less than 30 days after the Company announced its ability to run IBM's 3890/XP (3890) high-volume document transports in image-enabled environments. Colonial Bank uses 3890s and mainframe-based legacy systems to process mission critical check payment transactions at its two major processing centers, for its more than 260 full-service offices in Alabama, Florida, Georgia, Nevada, Tennessee and Texas. IBM 3890 devices are prevalent 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 are in use for high volume check processing at 80 percent of the top 100 U.S. banks. Sierra Clearing is unique in its ability to supplement and eventually replace legacy systems that traditionally have processed checks. At Colonial, the goal is for Sierra Clearing to initially interface with and later replace their current mainframe-based legacy system. "In an industry marked by inflexibility, Alogent's Sierra Clearing offers something that has eluded bankers for three decades, mainframe caliber throughput and server-technology versatility and acceleration," said Luke Wood, vice president, Deposit Operations at Colonial. "Alogent's innovation in running 3890s in a high volume image environment and supplementing our current system is unmatched in the industry; it is the cornerstone of our decision to purchase Sierra Clearing." He added, "Colonial is a high-growth institution, having acquired more than 50 banks; this product's simple Windows point and click interface, and flexible business rules stand to save us significant cost and lead-time in implementing change as we grow, versus the previous option of having to write custom legacy code." "Our vision is to change the shape of paper payments processing by providing solutions that result in dramatic cost reductions and quality improvements for every customer," 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 Corporation. "We deliver on our vision by offering world-class financial institutions like Colonial Bank open system technology like Sierra Clearing. We give the bank a migration path to server-based efficiencies, while leveraging their investment in existing hardware and software assets." "Alogent is more than our vendor; they are our partners," Wood said. "They have the right product and the right vision to help us position ourselves for growth and to cope with changes in our industry." About Alogent Alogent develops and delivers open-architecture item processing software to banks, billers, and payment processors who want to make payment processing more efficient and more profitable. Alogent specializes in high speed, high-volume 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. on a server-based platform that processes both paper and electronic payments. Alogent's solutions for front office deposit automation and accelerated central item processing are scalable, and 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. , SQL Server An earlier relational DBMS from Sybase and from Microsoft. Sybase introduced SQL Server in 1988 for various Unix versions. In that same year, with help from IBM, Sybase created an OS/2 version that Microsoft licensed and branded as Microsoft SQL Server. , DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. and XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. architecture. Contact Alogent in the USA: 4005 Windward Plaza, Second Floor, Alpharetta, GA 30005; Main Phone: 1 (770) 752-6400; Toll Free: 1 (888) 333-6030; Sales: 1 (770) 752-6347; Fax: 1 (770) 752-6500; Email: info@alogent.com. In the U.K., contact Melvyn Clifford, Alogent Corporation, 9th Floor, St. Alphage House, 2 Fore Street "Fore Street": a name often used for the main street of a town. There are over seventy "Fore Streets" in Cornwall and about twenty-five in Devon. Some Cornish towns and villages with a "Fore Street"
Editor's Note An independent validation test performed by Global Concepts confirmed Sierra Clearing's ability to run image enabled 3890s at rated speeds. The test included initial capture pass and image lift, amount entry, item correction, balancing, power encode and transit repass re·pass v. re·passed, re·pass·ing, re·pass·es v.tr. 1. To pass (something) again. 2. To cause to pass again in the opposite direction. v.intr. for multiple blocks. The test also affirmed Sierra Clearing's ability to run multiple types of transports using a common interface. A copy of the validation test report is available at www.alogent.com. |
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