VSoft Corporation to Convert Philippine Clearing House to Check Imaging System.Check Imaging Solutions Improve Funds Availability and Return Processing for Country's Clearing System ATLANTA -- VSoft Corporation, a global information and technology provider of process improvement tools for financial institutions, announced that the Philippine Clearing House Corporation (PCHC PCHC Philippine Clearing House Corporation PCHC Partnership for Clear Health Communication (also seen as PFCHC) ) has chosen to implement its Image Capture, Archive, CD Distribution, Online Image Research and Returns solutions. PCHC is a private corporation owned by commercial banks, which are members of the Bankers Association of the Philippines. PCHC is the exclusive check clearing service provider servicing all banks in the Philippines The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. At present, there are seventeen universal banks, 23 commercial banks, 84 thrift banks, 711 rural banks, 44 credit unions and twelve . The VSoft implementation will allow PCHC to provide image capture and exchange of check images, ultimately integrating the country into a single clearing region with improvement in the overall clearing system efficiency. The VSoft Capture solution based on a relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. model, combines full-featured, image-enabled data capture functions into an efficient, flexible system. The Archive solution offers PCHC and its network of banks powerful search capabilities to quickly perform research on clearing transaction data and item images. Bank operators can instantly research items and images from remote locations using the browser-based interface from the central archive. Banks may also use the check images received daily from PCHC to build their own in-house archive, allowing them to provide value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services to their customers such as Image Statements Printing, Check Image Distribution and Home Banking. "Online access to archived check images facilitates faster processing of dishonored dis·hon·or n. 1. Loss of honor, respect, or reputation. 2. The condition of having lost honor or good repute. 3. A cause of loss of honor: was a dishonor to the club. 4. clearing items that will improve funds availability to depositors nationwide," said Francisco V. Yap, Jr, president, Philippine Clearing House Corporation. VSoft's Returns solution is a flexible, image-enabled application for processing outgoing return items. The system identifies the bank of first deposit for each inward clearing item and presents the matched information, along with the image, to the drawee A person or bank that is ordered by its depositor, a drawer, to withdraw money from an account to pay a designated sum to a person according to the terms of a check or a draft. Cross-references Commercial Paper. drawee n. bank operator for on-line return confirmation. Clearing banks may also implement an automated signature verification system or visual verification by comparing the image with the original signature card to determine authenticity of the client signature. "This combination of VSoft solutions provides PCHC with a comprehensive image-based clearing system. Checks presented by the banks for clearing will be converted to a digitally signed Any message or key that has been encrypted with a digital signature. When a user's public key is digitally signed by a certification authority (CA), it is known as a digital certificate or digital ID. See digital signature and digital certificate. image from the point of capture all the way through to the returns process," said Murthy Veeraghanta, president, VSoft Corporation. "Using VSoft solutions for image exchange will allow Philippine banks to reduce operating costs operating costs npl → gastos mpl operacionales , dramatically improve efficiencies and offer new, competitive services for bank customers." About Philippine Clearing House The Philippine Clearing House Corporation (PCHC) is a private corporation owned by the commercial banks which are members of the Banker's Association of the Philippines (BAP BAP - 1. [Listed in CACM 2(5):16 (May 1959)]. 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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