Remittance Processing Software: IA Announces New RemitVision REP -- The First Standalone, Image-based Remote Exception Processing Module; New Imaging Application Integrates With Any Industry Lockbox; Quickly Operational.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--July 29, 1996--TAWPI 96 Forum and Exposition--The Association for Work Process Improvement, Booth No. 422 -- IA Corp., a leading developer of image-based cash management and high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. work management software, announced today a new RemitVision 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. software module called RemitVision REP, the industry's first stand-alone image-based remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. remote exception processing application which can be installed with any industry lockbox. The new product is integrated but operated independently from a bank's main lockbox module and provides bank's clients with a link into the bank for important cash management information. RemitVision REP allows a client to go online with the bank and use Oracle or Sybase to query information such as lockbox number, batch number, check sequence in batch, MICR (Magnetic Ink Character Recognition) The machine recognition of numeric data printed with magnetically charged ink. It is used on bank checks and deposit slips. MICR readers detect the characters and convert them into digital data. and dollar amount or view exceptions. Previously, the customer did not have images of invoices and payments available immediately and had to call the bank to retrieve and fax the information. With RemitVision REP, bank corporate clients alerted to exceptions can fill in a screen to solve the problem and speed the process. The customer can also receive at the end of each period the information via CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). and can search the CD to obtain images, exceptions information, and lockbox data. For real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. information, customers can also dial the bank and go online right from their desktop PC. "RemitVision REP allows banks to offer a new service to attract and retain customers in the area of cash management," said Thierry Leger, IA vice president of marketing. Other RemitVision REP features include full monitoring and control of exceptions and database indexing and sorting of queries. The benefits to the bank include image delivery to bank clients, new services added in a short time, extension and preservation of the existing lockbox system and quicker response to the increasing cash and treasury management needs of corporate customers. RemitVision REP has been installed at Fleet Bank as an enhancement to the Bank's IDEAL Lockbox product line which has been marketed to cash management clients since January 1995. "At Fleet Bank, we want to stay a leader in providing image based solutions to our clients," said Marion James, Manager of Treasury Consulting, Fleet Bank. "RemitVision REP benefits our clients by allowing them to reduce float, eliminate the need to handle paper remittance information and automatically update accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying on a same day basis. By utilizing these image based services, departments outside of A/R A/R Accounts receivable, see there also benefit via improved customer service resulting from immediate access to retained images." Corporate customers using RemitVision modules improve service through more comprehensive, real-time information which resolves problems more quickly. Another RemitVision REP installation has just been completed at Harris Bank. In addition to RemitVision REP, IA will be showing at TAWPI (The Association for Work Process Improvement, Boston, MA, www.tawpi.org) A membership organization dedicated to the improvement of work processes in data capture, document and remittance processing. all modules of its RemitVision and CheckVision(R) products. All are based on IA's advanced workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. platform, WorkVision(TM). RemitVision RemitVision is an integrated wholesale and retail lockbox application that is scalable, multi-account and multi-site and developed on an advanced workflow product. This gives it added flexibility and power. This lockbox system scans incoming checks and remittance documents and electronically processes them. Lockbox is a payment processing service offered by commercial banks and service bureaus to large corporations. Through the service, lockbox processors set up special post office zip codes zip code System of postal-zone codes (zip stands for “zone improvement plan”) introduced in the U.S. in 1963 to improve mail delivery and exploit electronic reading and sorting capabilities. to receive payments, deposit funds, and provide statements electronically to corporate customers. Because RemitVision combines wholesale and retail functions, it can utilize the same hardware for multi-account customers and wholesale and retail processes. This reduces the cost per item and increases the overall return on investment. It also allows the flexibility to customize output for various customers or accounts because the account definition is handled in the software. CheckVision CheckVision is an application framework for building image-based check processing applications that operates on top of a subset A group of commands or functions that do not include all the capabilities of the original specification. Software or hardware components designed for the subset will also work with the original. of WorkVision platform components. CheckVision consists of Core System Software for basic check image capture and file management plus one or more application modules for specific image-enabled check processing functions including: -- CheckVision Archive - stores MICR images to a variety of media for short- and 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. research and retrieval -- CheckVision Delivery - copies images to various media and delivers images via fax -- CheckVision Exchange - transmits images between remote sites -- CheckVision Statement - produces account statements with check images -- CheckVision Research/Inquiry - allows PC-based inquiry and retrieval of images -- CheckVision ARP - integrates existing ARP services with stored images -- CheckVision Positive Pay - allows banks to receive immediate confirmations for suspect checks through images transmitted to PCs; reduces check fraud IA Background IA Corp., headquartered in Emeryville, Calif., is a provider of high-end, high-performance enterprise application software products for the banking and financial industries. Its object-oriented WorkVision software platform is a high-performance, enterprise-level, geographically distributed, client/server work management software product which is highly scalable. Application-specific frameworks, such as CheckVision for check processing and RemitVision for remittance processing, can be built upon its open-architecture WorkVision platform. IA frameworks help customers respond quickly to major industry changes while improving internal efficiencies, enhancing customer service and creating new fee-based services. IA is located at 1900 Powell St., Emeryville, CA 94608-1840. Telephone: 510/450-7000. Fax: 510/450-7099 Email: info@ia-us.com Website: http://www.ia-us.com. CONTACT: IA Corporation, Emeryville Thierry Leger, 510/450-6816 thierry.leger@ia-us.com or Mesa Communications Debra Leak (programming) leak - With a qualifier, one of a class of resource-management bugs that occur when resources are not freed properly after operations on them are finished, so they effectively disappear (leak out). This leads to eventual exhaustion as new allocation requests come in. , 714/260-3912 mesadebra@aol.com |
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