ERAS Signs on as Image Exchange Affiliate with SVPCo; Relationship Will Lead to Direct Image Exchange with 22 of the Nations Largest Banks.Business Editors 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 TransPay Conference LAS VEGAS--(BUSINESS WIRE)--May 18, 2004 Miami-based ERAS, an international bank software and solutions development company for the financial services industry, announces at the BAI TransPay Conference its vendor affiliation with Small Value Payments Company (SVPCo). SVPCo is the holding company for Electronic Clearing Services (ECS See eComStation. ), the leading bank-owned private sector provider of check electronification services to financial institutions in the United States. ERAS' affiliation with SVPCo and ECS signals the beginning of a collaborative effort leading to ERAS serving as an aggregate point for institutions with small to moderate check volume for SVPCo member banks, which include Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , CitiBank and Wachovia. SVPCo is made up of 22 banks that account for more than 60 percent of U.S. commercial bank deposits. The direct image exchange of deposits between ERAS and SVPCo member banks will reduce paper processing and transportation expense and provide a bank's customers with reduced risk in the collection of their check deposits. "As a vendor affiliate, ERAS increases its competitive edge by staying at the forefront of image exchange," said Hank Farrar, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , SVPCo. "The common goal of SVPCo and its affiliates is to convert the current system of check collection and settlement, which moves paper checks around the country, to a safer, faster, and more efficient electronic system that instead sends electronic data and images of checks. These types of partnerships are an essential step toward the achievement of that goal." "ERAS is in constant pursuit of the best processes for image exchange," said Rob MacMahon, executive vice president, ERAS. "This partnership is the result of a thorough analysis of the long term outlook for Check 21 and who represents the best in image exchange services. Our affiliation with SVPCo will provide for the most direct interaction with the leading institutions in America. We've eliminated the middleman mid·dle·man n. 1. A trader who buys from producers and sells to retailers or consumers. 2. An intermediary; a go-between. and in turn are able to provide our customers with increased efficiency and decreased cost." ERAS began its vendor affiliation with SVPCo in April. ERAS provides image item processing services and software for more than 100 financial institutions throughout North America. About SVPCo SVPCo is owned by 22 of the largest banks in the United Sates and The Clearing House. SVPCo owner banks are: ABN AMRO, Bank of America, N.A. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , Bank One, N.A., BB&T, Citibank, N.A. Citizens Bank, Comerica, Deutsche Bank Trust Company Americas, Fleet National Bank, HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in , JPMorgan Chase Bank, KeyBank, Mellon Financial Corporation, M&T Bank, National City Bank, PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank, SunTrust, U.S. Bancorp, Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. , Wachovia Bank, N.A. and Wells Fargo Bank, N.A. The SVPCo bank owners represent over 61 percent of U.S. commercial bank deposits. SVPCo's services include Electronic Clearing Services, the nation's largest electronic check presentment service, and the Electronic Payments Network, the only private sector ACH processor in the U.S. For more information, visit www.svpco.com. About ERAS, LLP LLP - Lower Layer Protocol Miami-based ERAS provides state-of-the-art software systems and solutions to the banking and financial services industries. Founded in 1988 by David L. Wilson, ERAS was formed for the express purpose of offering a new generation of integrated, bundled banking software applications. ERAS offers image item processing and clearings, payment, document capture, application/site hosting and technical support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . ERAS' comprehensive imaging solution suite is made up of 23 modules that enable users to manage the system directly while requiring a minimum amount of technical support or intervention. ERAS' solutions provide banks with powerful browser-based, cross-platform core data processing systems and tools to help banks jumpstart profitability, improve efficiency and reduce overhead. For more information about ERAS, visit www.erasjv.com. |
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