The 2005 BAI TransPay Conference, the leading educational event for financial services industry payments and technology executives, is being held May 3 - 5 at the Orange County Convention Center in Orlando, Fla. The conference is expected to attract hundreds of financial institutions of every asset size, from around the country.
The VECTOR Image Exchange Solution is designed to capture the check image, assure the quality of the image with VECTOR:IQA, and transmit the image over a secure, managed network to other banks, shortening the traditional clearing and settlement process. The VECTOR Exceptions Solution is a Web-based product designed to automate the exceptions process using images instead of paper in order to accelerate the process and eliminate geographic boundaries.
"The VECTOR Image Exchange and VECTOR Exceptions Solutions provide the technological leap needed for a competitive position in today's marketplace and further prepare the financial community to embrace the new era of image exchange," said Sydney Smith Hicks, Ph.D., president of VECTORsgi. "With millions of customer accounts world-wide, this top five institution stands to see processing improvements and other benefits of image exchange on a massive scale. Enabling check image exchange at this level has significant potential to affect image exchange volume within the industry."
VECTOR Image Exchange allows financial institutions to receive and process files, identify exception items and process exceptions using images, eliminating the need for paper from the process. The solution can help avoid delays associated with ground and air transportation, lessen the chance of checks being lost and eliminate backlogs created by paper checks that cannot be physically transported due to weather or unforeseen events.
In order to control image quality, VECTOR Image Exchange analyzes the quality and accuracy of image data captured by other institutions. The solution also performs Virtual Capture, which simulates a physical capture and results in integration between a financial institution's capture system and item workflows.
VECTOR Exceptions uses check images to streamline the exceptions process. The solution reduces risk by processing potentially fraudulent exception items at an accelerated rate. VECTORsgi experts maintain that its image processing capabilities reduce the number of exception sort passes by an average of three to five passes. The solution also enables financial institutions to add special instructions and account comments online, thereby enhancing the level of personalized customer service available.