Reelfoot Bank Selects Goldleaf Technology ACH Web Client; Community Bank Sees Growing ACH Demand From Its Customers.Business Editors BRENTWOOD, Tenn.--(BUSINESS WIRE)--May 8, 2003 Goldleaf Technologies Inc., a leading provider of ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to and Web site solutions to community and regional financial institutions, announced that Reelfoot Bank, a $150 million financial institution serving southern Kentucky and northern Tennessee, has purchased Goldleaf's ACH Web Client product, a browser-based, bank-branded ACH transaction management solution. The bank, like many other community financial institutions, had not offered ACH origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real services in the past, but was seeing growing interest from commercial customers, who like the low cost and increased security of ACH services over traditional checking transactions. "We had an increasing number of customers asking us about providing ACH services," said Reelfoot Bank Senior Vice President Sherry Borders. "Companies want to be able to conduct direct deposit transactions rather than issuing paychecks to employees. Goldleaf's Web Client product enables them to do this easily and at a low cost." Reelfoot had considered some other ACH services, but the Goldleaf package offered the best combination of convenience, ease of use and integration with the bank's other products and services, Borders added. Commercial customers can easily access ACH Web Client from a hyperlink A predefined linkage between one object and another. See hypertext. hyperlink - anchor within the financial institution's Internet Cash Management solution or home page. In addition to using the more cost effective Internet delivery channel, ACH Web Client provides greater financial institution control of originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting functionality. ACH Web Client includes optional scanning functionality for the origination of ARC and RCK RCK Returned Check RCK Reverse Crescent Kick (karate) RCK Radio Check transactions. Optional check scanning functionality enables the automated import of transaction data from paper checks into ACH Web Client consistent with NACHA NACHA National Automated Clearing House Association NACHA National Agency Clearing House Association requirements. Goldleaf Web Client is branded with the bank's name and logo, but the bankers are not tasked with any of the technological support work. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Borders, bank customers who have questions can contact Goldleaf specialists to help them with any ACH technology challenges. "It's important to us to be able to offer our customers the ACH services without needing to install or maintain the technology," Borders said. Reelfoot Bank went live with the product in November 2002 and is already reaping financial benefits, according to Borders. One company with 40 employees has already moved his business to Reelfoot due to the ACH product. The bank is in discussions with additional commercial customers about making similar migrations, Borders said. "By adding the Goldleaf Web Client product, Reelfoot Bank is taking a major step forward in its ability to serve the needs of commercial customers," said Paul McCulloch, president for Goldleaf. "We expect more community banks to follow Reelfoot's lead, particularly as they receive more demand for ACH services from their own customers." About Reelfoot Bank Reelfoot Bank, a $150 million community bank serving northern Tennessee and southern Kentucky, was founded in 1904 in Hornbeak, Tenn., and is now a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Reelfoot Bancshares, Inc. Reelfoot Bank's main location is in Union City, Tennessee Union City is a city in Obion County, Tennessee, United States. The population was 10,876 at the 2000 census. It is the county seat of Obion CountyGR6. , with five offices; one each in Martin, Hornbeak, and Union City's Wal-Mart Supercenter and two offices in Fulton, Ky. For more information about Reelfoot Bank, visit its Web site at www.reelfootbank.com. About Goldleaf Technologies Inc. Brentwood, Tenn.-based Goldleaf Technologies Inc. is a privately held 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. company, offering ACH solutions and highly customized dynamic Web sites for financial institutions and other organizations. Goldleaf utilizes innovative marketing strategies and software solutions to help financial institutions retain valuable customers, add new customers, increase core deposits, and create 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. fee income. Goldleaf's ACH solutions, built on both Windows and browser-based technology, are used by financial institutions and clearinghouse organizations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The company also specializes in custom Web site creation and secure hosting for financial institutions, winning national awards and recognition for function and form. Goldleaf has a proven track record with more than 1,800 financial institutions and strong alliances with the world's top core technology providers and endorsements from many state banking associations. For additional information about Goldleaf Technologies call 877.999.2262 or visit its Web site at www.goldleaf.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion