eGistics, Inc. and SortLogic SYSTEMS Launch New Era of Electronic Check and Payments Automation.DALLAS -- eGistics, Inc. and SortLogic SYSTEMS, a division of Omni-Soft, Inc., today announced Virtual Exchange, a highly secure, system-agnostic platform that combines best-of-breed on-demand image and data management services with component-based connectivity software to deliver a very scalable architecture for next-generation, electronic payments automation. Designed as a conduit for electronic payments processing, the platform archives all images and data, facilitates truncation of Check 21 items at the first point of capture, accommodates any kind of source payment, and outputs images and data in industry standard formats. With the introduction of Virtual Exchange, items from various capture sources (prime-pass, 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, and distributed capture) now can be funneled into a single exchange platform to reduce the costs and risks associated with the capture, transportation and transmission of payments. This flexibility, which leverages existing agreements between banks and their customers and correspondents, creates new efficiencies for clearing existing and emerging payment mechanisms, removes obstacles in a bank's ability to form agreements for check image exchange, and positions banks to speed Check 21 adoption among corporate billers. "With Virtual Exchange, eGistics and SortLogic SYSTEMS are delivering a platform to help banks react more quickly to emerging Check 21 initiatives, and drive innovation in electronic payments," said Omni-Soft President Clint Clint is the diminutive word for the given name Clinton and may refer to: People:
1. leg (1). 2. crus ( 2). shank n. The part of the human leg between the knee and ankle. . "Banks and their clients will benefit from lower operational and system costs, high image and data security, and unlimited scalability." "With the advent of Check 21 and emerging electronic payment initiatives, the stakes have become significantly higher for 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. organizations," said eGistics CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bob Lund. "They need a flexible platform that facilitates the electronic exchange of images and data for existing and emerging payment mechanisms. By combining eGistics' on-demand infrastructure and capabilities with SortLogic SYSTEMS' connectivity software, Virtual Exchange requires no capital outlay capital outlay See capital expenditure. , leverages the bank's existing IT investments, reduces duplicate capture passes, and dramatically reduces image replacement document printing." Virtual Exchange is the only payments exchange service to combine hosted image and data archival management and delivery services from eGistics, with virtual capture, check image exchange and systems connectivity modules from SortLogic SYSTEMS. This combination of technologies and processes gives any image-enabled financial services organization the ability to import and export image and data files without changes to its existing systems. The agnostic ag·nos·tic n. 1. a. One who believes that it is impossible to know whether there is a God. b. One who is skeptical about the existence of God but does not profess true atheism. 2. import/export portal provided by Virtual Exchange supports multiple payment types, systems environments, transmission methods, and data and image formats, and the platform's on-demand infrastructure doesn't require a software license or payments system conversion. This allows Virtual Exchange to facilitate image and payment clearing initiatives such as image cash letter delivery, remote image capture, image returns, automated clearinghouse reporting, 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 check conversion, and electronic lockbox. It also enables emerging processes such as trusted archival, image exchange, back office conversion and image-on-demand. And Virtual Exchange expands image capture truncation by supporting bank of first deposit (BOFD BOFD Bank of First Deposit ) sort patterns, and providing capabilities for least-cost routing. About SortLogic SYSTEMS SortLogic SYSTEMS, a division of Omni-Soft, Inc., develops software components that drive the electronic banking enterprise. Its products run on more than 700 document sorters across the Federal Reserve System and 55 leading 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. , Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , and Spain. Every day, SortLogic SYSTEMS software components process over 100 million checks. The company is privately held and is based in Plano, TX. For more information on SortLogic SYSTEMS, please call 972-423-2344 or visit the company's Web site at www.sortlogic.com. SortLogic is a registered trademark of Omni-Soft, Inc. About eGistics, Inc. eGistics pioneered the use of on-demand image and data archive, management and delivery services in the financial services marketplace. Today, its Infinite Digital Architecture (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ) archives billions of images and supports mission-critical payments applications for the world's leading financial services companies. Through its on-demand business model, eGistics has consistently delivered significant business benefits for payments applications such as retail and wholesale receivables processing, check processing/Check 21, medical payments processing (EOBs) and records management, and loan processing/management. For more information about eGistics visit http://www.egisticsinc.com or call 214-256-4600. "eGistics" and variations of the name are the property of eGistics, Inc., and are protected pursuant to an application filed with the United States Patent and Trademark Office The United States Patent and Trademark Office (PTO or USPTO) is an agency in the United States Department of Commerce that provides patent protection to inventors and businesses for their inventions, and trademark registration for product and intellectual property . |
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