Frost National Bank Transmits High-Dollar Check Images to the Federal Reserve Banks with VECTORsgi Software.ADDISON, Texas Addison is a city in Dallas County, Texas (USA). The population was 14,166 at the 2000 census. Addison is a northern suburb of Dallas. The city calls itself the Town of Addison but it is incorporated as a city. -- VECTORsgi Solution Enables Increased Funds Availability of Large Check Images Daily VECTORsgi, a Metavante company and leading provider of financial transaction applications, announced that San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. -based Frost National Bank Frost National Bank is a nationally chartered bank founded in 1868 that is based in San Antonio, Texas. Frost Bank is one of the largest Texas-based banks and is the 74th largest U.S. bank by asset size. is using VECTOR:ImageEX to deposit image cash letters for high-dollar items to the Federal Reserve Banks to increase its funds availability. VECTOR:ImageEX, part of the VECTOR Image See vector graphics. Exchange Solution, positions financial institutions to transmit items quickly over a secure, managed network, shortening the traditional settlement process. Using VECTOR:ImageEX, Frost has transmitted high-dollar checks each day since February 28, 2005. "VECTOR:ImageEX enables Frost to extend its deposit window with the Federal Reserve, increasing the volume of items able to be delivered for specific Federal Reserve deadlines," said David Rathke, vice president of Frost. "Automatically transmitting high-dollar items to the Federal Reserve on a daily basis eliminates the chance of human error, improves efficiency and positions Frost to confidently escalate its check image exchange volume." "The Federal Reserve Banks are excited to provide our customers with access to image deposit and presentment services that can help them realize the benefits of Check 21. Our collaboration with Frost Bank and many other innovative organizations is leading the industry toward a more efficient and effective payments system," commented Diane Holloway, assistant vice president, Federal Reserve Bank of Dallas The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico. It has branch offices in El Paso, Houston, and San Antonio. . Frost's high-dollar items are transmitted to the Federal Reserve from each of the bank's three locations. VECTOR:ImageEX ensures the format of the X9.37 file is in the appropriate Federal Reserve format before transmitting. "Frost sets a strong example for all financial institutions wanting to derive the maximum benefits from check image exchange," said Sydney Smith
The leading provider of image exchange solutions, VECTORsgi has been selected by nearly 50 percent of the large banks that have made an image exchange software decision. TowerGroup estimates that VECTORsgi's current customers represent 40 percent of the future volume of image exchange. About Metavante Metavante Corporation Metavante is a company that provides financial technology services and software to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization is headquartered in Milwaukee, Wisconsin and employs over 5,600 employees in 35 U.S. is a leading provider of image-based check processing and distributed image-capture solutions through its companies, which include VECTORsgi, Advanced Financial Solutions (AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System ) and The Endpoint Exchange Network. The Endpoint Exchange Network enables U.S. financial institutions to clear their check-based transactions by allowing for the exchange of check images between member institutions. Metavante delivers banking and payment technologies to 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. firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. , and electronic presentment and payment. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE NYSE See: New York Stock Exchange :MI). About VECTORsgi VECTORsgi, a Metavante company, is a leading provider of innovative financial transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. solutions including distributed capture, image processing and exchange, dispute resolution and e-commerce solutions for financial institutions and corporations. Its products have been licensed more than 2,800 times by corporations and financial institutions ranging in size from community banks to top ten financial institutions to international banking organizations. VECTORsgi is recognized by the American Banker and the research firm Financial Insights in the FinTech 100, an international annual listing of the top technology providers for financial institutions. The Addison, Texas-based company, founded in 1976, provides innovative solutions not only to help financial institutions and corporations streamline their payment systems and operations, but also to leverage their image processing investment and maximize the benefits of check truncation. VECTORsgi also helps financial institutions enhance profitability by offering consulting services that provide management consulting and business practice improvement. For more information about the company, visit www.VECTORsgi.com. Editor's note: The correct usage of the VECTORsgi name is "VECTOR" in upper case with "sgi" in lower case. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion