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Omaha, NE —October 13, 2004-RemitPro, a service bureau specializing in money movement and risk management, and First Southwest Securities, a full service brokerage and correspondent clearing firm, have entered into an agreement for electronic check processing services.

RemitPro’s eRemitPro service is a solution that converts paper checks into electronic transactions. The application enables companies and financial institutions to process payments electronically while preserving the customer’s option to pay by remitting a check. Paper checks are either converted into ACH debits or transmitted as images to the bank for processing. Under the ACH rules, a paper check that a consumer mails, or delivers to the company may be converted into an ACH debit. Other types of checks such as business checks are not eligible to be converted into ACH debits and are therefore processed under new Check21 guidelines whereby images of the checks are captured and transmitted to First Southwest’s bank electronically for settlement. RemitPro is also developing an output file that can be used by First Southwest to update their back office system, ADP’s SIS system.

The benefits include faster processing resulting in faster funds availability, faster insufficient funds return notification, elimination of making a physical deposit at the bank, reduced check handling and clearing costs, reduced number of NSF and fraudulent checks, and a faster reconciliation, settlement and depository time frame.

"Providing a secure electronic method to process paper checks benefits not only our correspondents but facilitates internal operational efficiencies as well," said Joe Brawner, Vice President at First Southwest Correspondent Clearing
"RemitPro specializes in customizable solutions for the brokerage industry," said Jana Waughn, President of RemitPro. "Our expertise ensures that First Southwest is equipped with a customizable solution that fits their check processing needs."