City National Bank of West Virginia Implements VSoft and Federal Reserve Solutions for Image Exchange in Compliance with Check 21 Law.ATLANTA -- Check Imaging and Exchange Reduce Operational Cost and Float VSoft Corporation, a global information and technology provider of financial solutions, announced that its eDesk Genesis and the Federal Reserve Banks' Check 21 products are being beta tested A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem at City National Bank of West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . The implementation allows City National Bank, a $2.2 billion institution with 56 branches throughout West Virginia, to create image cash letters and send them to the Federal Reserve Banks for presentment presentment: see indictment. with any banking institution. "Combining the VSoft and Federal Reserve solutions delivers substantial cost savings and improves the overall effectiveness of daily check processing," said Chris Martin This article is about the Coldplay musician. For other people named Chris Martin, see Chris Martin (disambiguation). Christopher Anthony John Martin (born March 2, 1977) is the lead singer, pianist and occasional rhythm guitarist of the popular rock band Coldplay. , vice president, City National Bank of West Virginia. "Our customers will see benefits very quickly in areas such as fraud detection. Items will clear more quickly and customers will have the ability to see fraudulent transactions sooner." City National uses image sorters to capture check images at the branch or central site, then imports them into the eDesk Genesis system, where they are processed. eDesk Genesis creates image cash letters and transmits them to the Federal Reserve. The Federal Reserve sends the image cash letters to the appropriate Fed location nearest the paying bank. If the paying bank is image enabled, the Federal Reserve will transport the image cash letter via a secure Internet connection. If the bank is not image ready, the Fed will print a substitute check and physically deliver it to the bank. Exception item processing at City National is eliminated, since return items can be processed in substitute check form or sent to the Federal Reserve Banks via image file transmission. "VSoft not only developed the software needed to create the image cash letters to the Federal Reserve, but also streamlined operations by eliminating the need to power encode (1) To assign a code to represent data, such as a parts code. Contrast with decode. (2) To convert from one format or signal to another. See codec and D/A converter. (3) The term is sometimes erroneously used for "encrypt. any of these items," said Chris Martin, vice president, City National Bank of West Virginia. "Items never need to be shipped to the processing center in order to be cleared, and substitute check printing is also avoided. This is a considerable expense and manpower saver for City National." The Federal Reserve is the nation's largest processor of interbank in·ter·bank adj. Relating to, involving, or connecting two or more banks: interbank borrowing; an interbank network of automated teller machines. check payments, clearing approximately half of all interbank checks written 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. . Their FedForward(SM), FedReturn(SM), and FedReceipt(SM) products offer customers a comprehensive offering of check processing solutions designed to help financial institutions benefit from the opportunities afforded by Check 21. "The Federal Reserve Banks' investment in a nationwide electronic clearing infrastructure can help financial institutions at all stages of check automation provide better service to their customers and reduce some of the risks associated with paper payments," commented Brian Egan, Vice President, Federal Reserve Banks' Retail Payments Office. Although City National previously offered check imaging capabilities, the VSoft and Federal Reserve Banks implementation significantly upgrades the bank's electronic capabilities. The VSoft and Federal Reserve products will provide considerable cost savings, increased operational flexibility, and float reduction. "VSoft began researching and preparing for Check 21 years before enactment, and successfully became one of the first vendors to deposit an image cash letter with the Federal Reserve Banks," said Murthy Veeraghanta, president, VSoft Corporation. "The combined VSoft and Federal Reserve solutions will save City National valuable time and man power, allowing employees to focus on their core business, and improving customer service and daily operations." About the Federal Reserve The Federal Reserve Banks offer a full range 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. to assist depository institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. in achieving a sustainable competitive advantage. Services include Cash, Check, FedImage(SM) Services, FedACH(SM), Fedwire(R) Funds Service, Fedwire Securities Service, National Settlement Service and Treasury services Treasury services is a function of an investment bank which provides transaction, investment and information services for chief financial officers, treasurers. Treasury services concentrates and invests client money, and provides trade finance and logistics solutions as well as . In addition, the Fed offers services designed to support Financial Services usage, including Account Management Information and Service Charge Information. For more information about the Federal Reserve Banks' products and services, visit www.frbservices.org. About City National Bank City Holding Company (the "Company"), a West Virginia corporation headquartered in Charleston, West Virginia Not to be confused with Charles Town, West Virginia. Charleston is the capital of the U.S. state of West Virginia. It is located at the confluence of the Elk and Kanawha Rivers in Kanawha County. As of the 2000 census, it has a population of 53,421. , is a multi-bank holding company that provides 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 products and services to consumers and local businesses. Through its banking offices in West Virginia and Ohio, the Company provides credit, deposit, investment advisory and insurance products and services to its customers. City Holding Company is the parent company of City National Bank of West Virginia. City National Bank also operates City Insurance Professionals, an insurance agency offering a full range of insurance products and services. About VSoft Corporation A global information and technology provider of financial solutions, Atlanta-based VSoft Corporation has been offering scaleable, flexible solutions since its inception in 1996. Led by industry experts with a proven track record in excellence, VSoft Corporation is proud of its ability to provide technology designed for easy implementation and migration from the proprietary banking systems of the past. VSoft's experienced systems integration teams ensure that every customer is met with VSoft Advantage. VSoft Corporation has multiple products, services and support that cover back office, operations, lockbox Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. processing, Check 21 legislation, and retail functions. These solutions are designed to maximize core efficiencies while reducing operational costs. More information about the company can be found at www.vsoftcorp.com. |
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