VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that First Madison Valley Bank, a full-service community bank based in Ennis, Mont., has chosen to implement its Check 21, Branch Capture and Returns solutions. These solutions will replace its paper-based system, allowing First Madison to capture and process check images from branch locations.
“We are committed to the local needs of our community and recognize the importance of a comprehensive imaging system,” said Roy Pederson, senior vice president, First Madison Valley Bank. “With VSoft’s imaging solutions, we will reduce our hardware maintenance costs by eliminating the need for large sorter equipment. Implementing an image-based system will also increase revenue opportunities and improve our branch operations and customer service.”
First Madison Valley Bank has been running VSoft’s Image Archive and Image Statements solutions since 2000, and decided to upgrade its current system with VSoft’s Check 21, Branch Capture and Returns solutions. These additions will allow the bank to capitalize on Check 21 legislation and image exchange. Using image exchange capabilities, First Madison and their customers will benefit from same or next-day funds availability, elimination of courier fees, float time reduction and expedited returns notification.
“Moving from a paper to an image-based system will allow First Madison Bank to increase productivity and improve service by spending the time efficiencies gained on better serving the customers,” said Murthy Veeraghanta, president, VSoft Corporation. “First Madison Valley’s branches and customers will now be able to take advantage of all the benefits inherent in a remote capture and image exchange environment.”
VSoft’s Branch Capture allows First Madison’s branch locations to capture check images, balance all work, and send the images electronically to the central processing site. The Check 21 solution creates an image cash letter for exchange directly, through exchange organizations, or print substitute checks if an endpoint cannot receive electronic cash letters.