The Clearing House and VECTORsgi Streamline Adjustments Processing with Link Between Systems.Business Editors/High-Tech Writers BAI's TransPay 2004 Conference LAS VEGAS--(BUSINESS WIRE)--May 19, 2004 Integration of Case Management and Exchange Systems Provides Seamless Check Adjustments Processing for Financial Institutions -- Reducing Potential for Errors, Increasing Efficiency The Clearing House and VECTORsgi announced today at BAI's TransPay 2004 conference that development has been completed to directly link the VECTOR Research Solution, software for managing disputes, and EDIBANX, an online check adjustment system. The interface allows financial institutions to upload and download batches of adjustments into EDIBANX to and from their case management system, eliminating the need for manual re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the . These adjustments are then exchanged online between financial institutions, greatly automating the adjustments resolution process. "Check adjustments are typically the most expensive transaction in a financial institution, because they require extensive research and a high level of security," said Jerry Milano, Senior Vice President of The Clearing House Check Services. "This new interface allows us to reduce costs in the industry, increase the speed of error resolution, and maintain security." Both the VECTOR Research Solution and EDIBANX automate portions of the adjustments process. Together, these two systems further streamline the entire adjustments process. VECTOR Research Solution is a leading case management system for managing disputes from notification to resolution. EDIBANX is an online adjustment system that allows financial institutions to enter, exchange and settle adjustment transactions using standard web-based forms with extensive edits to ensure accuracy the first time. "EDIBANX and VECTOR Research Solution are capabilities that work well together and we are pleased to offer this solution to our existing and prospective clients," said Larry Best, Director of Marketing for VECTORsgi. "This is a great example of how we are continually enhancing our offering to improve the efficiency of financial institutions' operations." The interface has been in production at ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. in Chicago for several years and is now available to financial institutions of all sizes, all locations. "We are very satisfied with the performance of this solution," said Estee Dempster, First Vice President, ABN AMRO LaSalle Bank of Chicago. "It has improved the process in our operation considerably, which is good for our customers and our bottom line." About VECTORsgi VECTORsgi is a leading provider of 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. , image exchange, item processing, dispute resolution and e-commerce solutions for financial institutions. Today its products have been licensed more than 2,300 times by financial institutions 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. , Europe, Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. ranging in size from community banks to top ten financial institutions to international banking organizations. Founded in 1976, the Addison, Texas-based company has been providing innovative solutions that help financial institutions streamline their operations and maximize the benefits of check truncation. Additionally, VECTORsgi also offers Consulting Services that provide management consulting and business practice improvement to ensure that financial institutions are more profitable. More information about VECTORsgi is available by visiting the company's Web site at www.VECTORsgi.com. About The Clearing House The Clearing House is the nation's oldest bank association and payments processor. Established in 1853 to simplify the exchange of checks and improve the efficiency of the payments system, The Clearing House is still a world leader in the payments business. It manages and operates the Clearing House Interbank Payments System Clearing House Interbank Payments System (CHIPS) An international wire transfer system for high-value payments operated by a group of major banks. (CHIPS), the National Check Exchange, and the SVPCo businesses: the Electronic Payments Network (EPN EPN ethyl p-nitrophenyl benzenethiophosphanate; a nonsystemic organophosphorus insecticide and acaricide. ) and Electronic Clearing Services (ECS See eComStation. ). The Clearing House also runs a well-respected Association where its Owners and other parties discuss common interests in the payments business, identify and prevent potential problems in the financial sector, and address financial and other crises. The Clearing House is owned by the U.S. commercial banking affiliates of: ABN AMRO, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , Bank One, Citigroup, Deutsche Bank, Fleet National Bank, HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , JP Morgan Chase Bank, US Bank, Wachovia and Wells Fargo. For more information, search www.theclearinghouse.org or contact Chip Savidge at 212-613-9896 (Chip.Savidge@theclearinghouse.org). |
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