Las Vegas, Nevada, May 19, 2004 - The Clearing House and VECTORsgi announced today at BAI's TransPay 2004 conference that development has been completed to directly link VECTOR Research Solution, software for managing disputes, and EDIBANX, an online check adjustment system. The interface allows financial institutions to upload and download batches of adjustments into EDIBANX to and from their case management system, eliminating the need for manual re-entry. These adjustments are then exchanged online between financial institutions, greatly automating the adjustments resolution process.
"Check adjustments are typically the most expensive transaction in a financial institution, because they require extensive research and a high level of security" said Jerry Milano, Senior Vice President of The Clearing House Check Services. "This new interface allows us to reduce costs in the industry, increase the speed of error resolution, and maintain security."
Both the VECTOR Research Solution and EDIBANX automate portions of the adjustments process. Together, these two systems further streamline the entire adjustments process. VECTOR Research Solution is a leading case management system for managing disputes from notification to resolution. EDIBANX is an online adjustment system that allows financial institutions to enter, exchange and settle adjustment transactions using standard web-based forms with extensive edits to ensure accuracy the first time.
"EDIBANX and VECTOR Research Solution are capabilities that work well together and we are pleased to offer this solution to our existing and prospective clients," said Larry Best, Director of Marketing for VECTORsgi. "This is a great example of how we are continually enhancing our offering to improve the efficiency of financial institutions' operations."
The interface has been in production at ABN AMRO LaSalle Bank in Chicago for several years and is now available to financial institutions of all sizes, all locations.
"We are very satisfied with the performance of this solution," said Estee Dempster, First Vice President, ABN AMRO LaSalle Bank of Chicago. "It has improved the process in our operation considerably, which is good for our customers and our bottom line."