Captovation Announces the Release of Check Capture 5.1; Newest Version of Check Imaging Software Includes Features to Facilitate Electronic Check Exchange and Presentment.

MINNEAPOLIS -- Captovation, Inc., a developer of document and check capture software, is proud to announce the release of Captovation(R) Check Capture 5.1. The newest version of this check imaging software offers an economical system for forward presentment in the Check 21 electronic check exchange (ECE) environment. Check Capture 5.1 enables financial institutions to capture checks at their earliest point of presentment, encode them using CAR/LAR technology, output a X9.37 file or image cash letter, and transfer checks electronically to a check clearinghouse or paying bank.

The X9.37 file format is the industry standard for ECE defined by the American National Standards Institute and adopted by the Federal Reserve Bank. In Check Capture 5.1, a X9.37 file is created after a user has scanned and committed/archived their batch of checks. Then, the X9.37 file is uploaded to a paying institution where it will be cleared electronically or used to print Image Replacement Documents (IRDs).

With the passage of the Check 21 Law (Check Truncation Act) in October 2003, financial institutions are capable of capturing the image and MICR data of a check and transferring them electronically to a check clearinghouse or paying bank. Clearing checks electronically is much faster because physical check sorting and shipping of checks can be eliminated. As a result, financial institutions and their customers will have more immediate access to funds, considering it is possible for checks to be cleared on the same day of deposit.

Further streamlining the check clearing process, Check Capture's support for CAR/LAR (Courtesy Amount Recognition/Legal Amount Recognition) provides an automated method to capture the dollar amount of the check. Utilizing CAR/LAR will allow banks to reduce data entry of the amount field during the encoding process.

Additional features found in version 5.1 include:

--  New user interface

    Users can easily verify and validate each check image and its
    corresponding MICR data. Check data is displayed to the user in a
    check item list grid. This grid can be sorted based on check
    status (verified, not verified), filter (MICR errors, missing
    required fields) and confidence (rating percentage of CAR/LAR
    results). A validation details area alerts the user to possible
    duplicate checks, checks with low CAR/LAR confidence or MICR
    errors, and any other error conditions.

--  Manual Cash Letter Support

    After committing a batch of checks, users can generate manual cash
    letters. This itemized listing of all checks must accompany each
    bundle to be cleared with financial institutions not using
    electronic check exchange.

--  Shared Branch Acquirer (SBA) Support

    SBA is a cooperative network allowing members of a participating
    credit union to perform transactions at a location owned by
    another credit union. This means that with Check 21, the Bank of
    First Deposit (BOFD) in not necessarily the truncating
    institution.

    When processing an SBA transaction, Check Capture 5.1 users will
    first endorse the BOFD routing number on the back of the check.
    The routing number is then entered in a data entry field and
    placed in the X9.37 file upon commit.

Captovation Check Capture 5.1 supports scanner models from Canon, Digital Check, and Kodak. This software is being targeted to small and medium-sized banks and credit unions, as well as to merchants with high volumes of check deposits. These merchants would use Check Capture as a remote deposit capture system--sending X9.37 files from their locations to their banks.

Check Capture 5.1 CAR/LAR and X9.37 components are optional add-on features. With Captovation's attractive bundle pricing, you can purchase Check Capture 5.1 with CAR/LAR and X9.37 licenses for less than $5,000.

Captovation, Inc.

Captovation develops check capture software for financial institutions. Its Captovation(R) Check Capture system allows financial institutions to capture checks at their earliest point of presentation so they can participate in and realize benefits provided by Check 21 and electronic image exchange. The system can be integrated with virtually any financial institution's electronic document management system or core processing system. Check Capture is sold through Captovation certified resellers and OEM partners. For more information, visit www.captovation.com or contact us at [e-mail].