Financial Services, Inc Becomes One of the First Five Institutions to Exchange Check Images in Federal Reserve District with VSoft's eDesk; Check Imaging and Exchange Reduce Operational Cost and Float.ATLANTA -- VSoft Corporation, a global information and technology provider of process improvement tools for financial institutions, announced that 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. , Inc (FSI FSI Foreign Service Institute FSI Fluid Structure Interaction FSI Fuel Stratified Injection FSI Federazione Scacchistica Italiana (Italian Chess Federation) FSI Free Standing Insert FSI Flight Simulator ) has implemented its Check 21 product suite, eDesk(TM) Genesis, and the Federal Reserve Banks' FedForward(TM) product, allowing customers to exchange check images for transit items in compliance with Check 21. eDesk Genesis allows financial institutions to capture check images at the central site and electronically transmit To send data over a communications line. See transfer. them to the Federal Reserve Banks for presentment presentment: see indictment. with any banking institution as a substitute check. FSI is a leading provider of quality data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a , items processing, and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the services to financial institutions. "Implementing VSoft's image exchange solution was the ground breaking step FSI needed to move forward with more a comprehensive imaging plan," said Kevin Courtney, senior vice president, Financial Services, Inc. FSI captures check images of deposited items at the central site on behalf of their client banks, and 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. FSI will soon implement VSoft's Branch Item Capture, allowing their bank customers to remotely capture images at their branches and transmit the images to the central site. This will provide significant savings in courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. costs, reduce lost item risk, and decrease the time personnel allow for handling deposits. "VSoft's ability to have their software ready, enabled us to be an early implementer. FSI is now well equipped to adjust and begin planning for the new exchange environment brought about by the Check 21 legislation," said Kevin Courtney, senior vice president, Financial Services, Inc. "The greatest advantage of this implementation as a bank services provider is the ability for FSI to solicit new business," added Courtney. "VSoft began researching and preparing for Check 21 years before implementation, and it is our goal to enable our customers to stay ahead of the check-imaging curve," said Murthy Veeraghanta, president, VSoft Corporation. "eDesk Genesis gives FSI an opportunity to further complement their image exchange capabilities and expand their competitive position in the imaging marketplace." About Financial Services, Incorporated Providing turnkey See turnkey system. solutions for our customers since 1954, Financial Services, Inc. (FSI) is one of the largest independently owned data processing and item processing providers in the banking services industry. Our dedication to excellence is exemplified by our commitment to customer satisfaction as well as our continuous investment into the research and development of new products and services. By keeping our customers on the cutting-edge of technology and by our commitment to maintaining long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. relationships with them, we provide a wealth of resources to maintain a financially healthy bank and a growing bottom line. 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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