Printer Friendly

RDM Corporation announces another major financial institution embraces its image and transaction management service.

- Major US bank completes pilot testing, announces full roll-out -

Toronto Stock Exchange symbol: RC

WATERLOO, ON, Oct. 3 /PRNewswire-FirstCall/ -- RDM Corporation (TSX: RC), a leading developer of specialized software and hardware products for electronic payment processing, today announced that a major U.S. bank ("the Bank") has launched a remote check capture service based on RDM's Image and Transaction Management System (ITMS). Following the successful completion of a pilot test, the Bank recently announced a full roll-out of the service.

"We began working with this particular bank over a year ago, and we are very pleased to see that their pilot testing was successful," said Douglas Newman, President and CEO of RDM Corporation. "Our strategy for ITMS has been to target the largest U.S. financial institutions to resell the service to their own corporate customers. We have signed seven of the 10 largest U.S. banks, and several of these have now reached the stage of full customer roll-out. We expect transaction volumes to continue to grow as ITMS builds on its position of market leadership."

The Bank pilot-tested the ITMS-based product with six customers, and reported in a recent press release that those customers cited the solution for its dependability and ability to streamline their payments systems. The Bank stated that its offering could benefit customers through decreased transportation and check processing costs, enhanced customer service and accelerated access to cash. The Bank also commented in the press release that the cash management industry continues to move toward electronic check presentment since the October 2004 enactment of U.S. legislation known as Check 21.

About RDM Corporation

RDM Corporation is headquartered in Waterloo, Ontario and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading developer of specialized software and hardware products for electronic payment processing. RDM has pioneered electronic cheque conversion systems and web-based image and transaction management services for banks, retailers, payment processors and government agencies. RDM's newest offering is its innovative and proprietary Image and Transaction Management System (ITMS(TM)) whereby transaction information can be remotely captured and processed electronically from distributed locations, freeing up significant customer float time and significantly reducing costs associated with returned cheques. RDM holds an approximate 18% interest (13% on a fully diluted basis) in Xign Corporation, a California based provider of collaborative software for the financial supply chain. For further information, visit RDM's web-site at

CONTACT: David Mason, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 237 phone, (416) 815-0080 fax,; Jim Kopperson, Chief Financial Officer, RDM Corporation, (519) 746-8483, ext. 284 phone, (519) 746-3317 fax,; To request a free copy of this organization's annual report, please go to and click on reports@cnw.
COPYRIGHT 2005 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Geographic Code:4EUNE
Date:Oct 3, 2005
Previous Article:PDL Announces Webcast of R&D Update at 8 AM EDT on October 7.
Next Article:Mazda Sales Up 5.4 Percent in September.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters