Crestar to Introduce New Advanced Cash Management System Based on IA Corp. Software; New System Will Be Industry's First, Fully Integrated Image-based Cash Management Solution Including "Wholetail" Lockbox and Check Processing For Comprehensive Funds Collection And Disbursement Control.EMERYVILLE, Calif.--(BUSINESS WIRE)--Oct. 28, 1996--Crestar Bank and IA Corp., a leading provider of high-performance software for the 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. industry, announced today a contract to build the industry's first, fully integrated cash management solution. In line with Crestar's use of technology to provide its customers with new alternatives the Bank has awarded IA Corporation a contract to create a digital image system for funds collection and disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. for all of Crestar's processing sites. "The IA solution will help Crestar take a determined technology lead in the corporate cash management services market," said Horace L. Allen, senior vice president of Crestar's cash management strategic marketing division. "Upon installation of the system, Crestar will have the only image-based "wholetail" 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. operation in its market. By using the full suite of IA's high-performance, imaging products to create new bank services, Crestar can gain a competitive advantage in its regional Virginia, Maryland and Washington D.C. markets and offer our customers leading edge services." IA's RemitVision enables banks to combine the customized needs of high-dollar amount wholesale operations with high-volume retail operations to create an image-based "wholetail" system. Wholetail lockbox processing is the combination of wholesale and retail lockbox systems. This new system will allow Crestar to use the same hardware to serve both retail and wholesale customers. RemitVision will therefore help the bank lower its overall hardware investment and maximize its total computer utilization. Crestar was also looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a product to answer the requirements for customized processing from its strong customer-base of not- for-profit organizations. Unlike commercial accounts, a not-for-profit organization does not have a standard coupon for each invoice. Instead, a variety of marketing materials such as brochures and direct mailers direct mail n. Advertising circulars or other printed matter sent directly through the mail to prospective customers or contributors. di·rect , or a personal customer letter may accompany the check donation. IA's solution can accommodate the special needs of not-for-profits, charitable institutions or mail order. "Crestar engaged the services of a leading banking and technology consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , Apex Associates, for objective assistance and resources in the planning, acquisition and implementation of the technology," said Allen. "This gave us independent evaluation, as well as the ability to accelerate our timeline from concept to execution." Apex went through an industry evaluation for the right technology partner for Crestar. Crestar chose IA because of its bandwidth, experience and extensive product set which matched the time and technology requirements of the project. "This is a unique application that Crestar and IA are rolling out," said Ray Edwards Ray Edwards (born January 1, 1985 in Cincinnati, Ohio) is an American football player for the Minnesota Vikings. He played college football for Purdue University and was drafted in the fourth round of the 2006 NFL Draft by the Vikings. , senior consultant and principal of Apex Associates. "Banks are turning to innovative technology like this in order to not only streamline and maximize efficiency, but to gain a competitive edge in the marketplace." As part of its continuous improvement program, Crestar will also streamline its check capture platform. The bank plans to use NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers 7780s plus NCR 7731s to capture four million check images per month and feed the new cash management system. RemitVision also allows the bank to quickly enter new customer profiles and be up and running with new corporate customer-specific business rules, in a matter of hours. This added flexibility will help Crestar further penetrate its market and win new customers. The multi-account feature of the new system will give Crestar the ability to quickly update existing corporate customer profiles and business rules while lowering costs and improving customer service. RemitVision is coupled with CheckVision(R), a digital image check processing product from IA. The combination of these 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 check processing applications will give Crestar an integrated cash management system. "When looking for the technology we needed to fulfill our vision, IA was the only company with a real, robust product that truly integrates wholesale and retail cash management," said Allen. With CheckVision, Crestar can offer its customers new image-based check processing services such as ARP (account reconcilement processing), Inquiry, CD delivery and Positive Pay. With these services, the digital image of a check is made available to customers by the bank through CD delivery or on-line for real-time access to important cash management information. Both front and back digital check images are available which provide customers with critical information, such as the payee The person who is to receive the stated amount of money on a check, bill, or note. payee n. the one named on a check or promissory note to receive payment. PAYEE. The person in whose favor a bill of exchange is made payable. , to help resolve questions and avoid timely and costly searches. With the Positive Pay feature, Crestar customers can make informed pay or no pay decisions to virtually eliminate check fraud risk. The bank will also offer CD delivery of digital image of items to its lockbox customers. Crestar corporate customers will have access to fully documented transactions from the convenience of their desktop PC. Images of documents will also be readily accessible from the CD delivered at the end of each period by Crestar. "IA has concentrated on the high volume, complex transaction needs of the financial services and banking industries," said Thierry Leger, vice president of marketing for IA. "Although we supply more than 16 major banks with our image-based cash management products, we are especially excited about the power and potential of Crestar's solution because it will utilize the full suite of our remittance and check image software products. IA will demonstrate its banking industry cash management products, CheckVision and RemitVision, at the TMA TMA Turnaround Management Association TMA Texas Medical Association TMA Transportation Management Association TMA Training and Management Assistance (a component of OHRD, which is a component of OWR) TMA Tooling & Manufacturing Association (Treasury Management Association) annual conference in Atlanta, Nov. 17-20, Booth No. 1212 and the BAI n. 1. a language spoken in the Dali region of Yunnan. Noun 1. Bai - the Tibeto-Burman language spoken in the Dali region of Yunnan Baic (Banking Administration Institute) Imaging Technology Conference in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. , Oct. 27-29, Booth No. 527. Crestar Background Crestar Financial Corp. is the holding company for four banking entities and 380 banking offices in Virginia, Maryland and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Other subsidiaries provide insurance, mortgage banking and full-service securities and investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . At Sept. 30, 1996, Crestar had total assets of $18.3 billion and total deposits of $13.6 billion. Apex Associates Background Apex Associates, Inc. is an independent operations and technology consulting practice located in the Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). area since 1986. IA Background IA Corp. develops, markets, implements and supports software solutions for financial services organizations that require flexible automation of high-volume, complex transactions. The Company currently sells two leading application framework software products for advanced cash management services, CheckVision and RemitVision, which are built upon the Company's advanced, client/server transaction management software platform, WorkVision. IA offers scalable, enterprise-wide application framework software products that enable its customers to manage and automate their business processes from end to end. These software products are deployed through professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. that include comprehensive installation, training, ongoing maintenance and support and development. The Company's customers include GE Capital Mortgage Corporation, Harris Bank, Mellon Bank Corporation, Sanwa Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , and UMB (1) (Upper Memory Block) See UMA. (2) (Ultra Mobile Broadband) See 3GPP. 1. UMB - Upper Memory Block. 2. UMB - A university(?). Bank, NA. IA is located at 1900 Powell St., Emeryville, CA 94608-1840, U.S. Telephone: 510/450-7000. Fax: 510/450-7099 Email: info@ia-us.com Web site: http://www.ia-us.com. CONTACT: IA Corp. Thierry Leger, 510/450-6816 thierry.leger@ia-us.com or Crestar Horace L. Allen III, 804/782-7656 horace.allen@crestar.com Tony Mattera, 800/782-7844 (Corp. Commun.) tony.mattera@crestar.com or Mesa Communications Danielle Sweeney, 714/260-3909 dnsweeney@aol.com |
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