ADDISON, Texas, May 12, 2004 - VECTORsgi, a leading provider of banking transaction applications, announced that First Tennessee Bank has selected its virtual capture software and image replacement document (IRD) management tool. Virtual capture will enable the bank's image-based check clearing service called First Express to support image exchange. The IRD manager will help reduce the number of paper checks the bank returns to customers on a monthly basis and provide the ability to create IRD Cash Letters. First Tennessee Bank is among the nation's leaders in check clearing.
First Tennessee will use VECTORsgi's virtual capture software for receiving data and image records. The virtual process of clearing checks will eliminate the need for paper checks and sorters in the process. The flexible IRD manager will allow the bank to print outgoing IRD Cash Letters and to create the electronic documents for image statements and its ARP corporate customers.
First Tennessee Bank's Vice President Rick Creel said the software would increase the bank's competitive advantage. "Even though we have already established a reputation for our ability to efficiently and expeditiously clear checks, we continue to look for avenues to improve our services," Creel said. "VECTORsgi's prominence and understanding of what it takes to be successful in the Check 21 world gives us an opportunity for further improvement."
VECTORsgi is leading the way in assisting banks to meet Check 21 goals through its line of VECTOR Solutions. These image-related Solutions have built a strong reputation for performance - no other system can populate an image archive as accurately and reliably. For example, VECTOR:Capture products exceed Six Sigma performance standards - the products are also scalable and will run on many image capture devices and in any quantity either centralized or distributed.
"Our 'Check 21 ready,' image-enabled financial transaction processing solutions will further distinguish First Tennessee Bank as a major player in the check clearing arena," said Sydney Smith Hicks, president and CEO of VECTORsgi. "We are exceptionally pleased to assist them in the quest for higher productivity and lower operating costs."
First Tennessee will begin full implementation of the VECTORsgi solutions before October 28, the official start date of the Check 21 legislation.
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