Bank of the West Joins CheckClear's Endpoint Exchange Network, Broadening the Adoption of Check Image Exchange.Business Editors/High-Tech Writers OKLAHOMA CITY--(BUSINESS WIRE)--Jan. 15, 2004 Bank of the West And Its Correspondent Business Bring Over 60 New Endpoints To The Nationally Expanding Network CheckClear LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , owner of the Endpoint Exchange Network, announced today the addition of Bank of the West to the company's growing national check image exchange network. Headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Bank of the West is California's third largest commercial bank with over $29 billion in assets. Membership in the Endpoint Exchange Network will allow Bank of the West and its correspondent banks Correspondent bank Bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities. to reduce check-clearing and settlement costs by securely exchanging check images with other Endpoint Exchange Network member institutions. "The future of check clearing is quickly changing," said Don Ward, Bank of the West Executive Vice President. "Volumes are decreasing and the cost to clear checks through traditional channels continues to rise. Our membership in the Endpoint Exchange Network offsets these increases and delivers all the benefits and cost savings of electronic check image exchange. The Endpoint Exchange Network's support of all industry standard exchange formats provides the full cross-platform interoperability financial institutions need to exchange check images in a multilateral environment." "We are very excited about the benefits that Bank of the West will gain from membership in the Endpoint Exchange Network," said Mark Craig, General Manager of CheckClear LLC. "The reduced fraud losses, reduced staffing, accelerated cash flow, shortened collection cycle and the elimination of all the costs and inefficiencies associated with the transportation and duplicate processing of paper-based payments make a very compelling business case. We are extremely pleased to welcome Bank of the West to the Endpoint Exchange Network," added Mr. Craig. About CheckClear's Endpoint Exchange Network Use of CheckClear LLC'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 member institutions. Already over 3500 financial institutions have enrolled in the national network, which is the largest - and only mechanism of its kind in operation. Additionally, many of the nation's leading check processing solution providers and check processing outsourcers have announced plans to offer their customers connection to the Endpoint Exchange Network, including: 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 , Aurum Technology, BISYS Document Solutions, Data Center Inc. (DCI (Display Control Interface) An Intel/Microsoft programming interface for full-motion video and games in Windows. It allowed applications to take advantage of video accelerator features built into the display adapter. ), Infonox, InterCept, Mitek Systems, and VSoft Corporation. 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 interoperability to connect to every endpoint in the nation. Learn more about Endpoint Exchange at www.endpointexchange.com. About Bank of the West With $29 billion in assets, Bank of the West (www.bankofthewest.com) currently operates nearly 300 branches in California, Oregon, Washington, Idaho, Nevada and New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and is the third largest commercial bank headquartered in California. Bank of the West serves 1.5 million retail and commercial customers including national specialty business lines such as equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. lending and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government lending. |
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