Over 100 Institutions Exchanging Images with VSoft and the Federal Reserve; Image Exchange Improves Funds Availability and Decreases Transportation Costs.ATLANTA -- VSoft Corporation, a global information and technology provider of process improvement tools for financial institutions, announced that it has over 100 financial institutions exchanging images with the Federal Reserve. 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. . "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 VSoft Corporation and many other innovative organizations is leading the industry toward a more efficient and effective payments system," commented Jeff Devine, assistant vice president at the Federal Reserve Bank of Atlanta The Federal Reserve Bank of Atlanta is responsible for the 6th District of the Federal Reserve, which covers Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee. . VSoft's Remote Capture and Check 21 solutions allow institutions to capture check images for processing and archiving. Image cash letters are created and transmitted to the Federal Reserve for clearing. The FedForward(R), FedReturn(R), and FedReceipt(R) products offer customers a comprehensive offering of check processing solutions designed to help financial institutions benefit from the opportunities afforded by Check 21. "VSoft has established a mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" relationship with the Federal Reserve, being one of the first software vendors to be tested and performing successful image exchange with the Fed," said Murthy Veeraghanta, president, VSoft Corporation. "Early preparation and recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. meetings with the Federal Reserve has kept both parties abreast of what's happening in the industry and the specific needs of VSoft customers." 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(R) 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 VSoft Corporation A global information and technology provider of process improvement tools for financial institutions, 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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