VSoft Corporation, a global information and technology provider of process-improvement tools for financial institutions, announced that Farmers National Bank of Canfield, Ohio has selected VSoftâs Check 21 solution to facilitate image capture and remote delivery of deposits throughout the bankâs 17 branches. Farmers National Bank, an independent bank with $820 million in assets, selected VSoftâs Check 21 solution to increase operational efficiency, reduce security risks, improve customer service and simplify daily transactions with the Federal Reserve Bank. Currently, 250 sites and more than 1,700 financial institutions use VSoftâs imaging solutions.
âThe biggest clincher in choosing VSoft was their flexibility in working with us,â said Don Lukas, senior vice president of bank systems at Farmers National Bank. âSwitching to Check 21 was the best thing that Farmers National Bank has done. The burden of back room research and lookup time was significantly reduced to a matter of minutes instead of days or even weeks. VSoft solutions have proven their value time and time again.â
Using VSoftâs Check 21 software to capture check images, financial institutions can detect fraud earlier, lower transportation costs and reduce processing time, while providing more options for check clearing, account research and faster access to funds. The software also simplified Farmers National Bankâs daily transactions with the Federal Reserve Bank by eliminating reliance on readers/sorters to process and encode checks. This decreased dependence on transportation and sorting equipment provides faster check clearing and greater access to funds.
âThe Check 21 Act continues to prove its worth, as financial institutions are constantly discovering new benefits to image capture and remote delivery,â said Murthy Veeraghanta, president, VSoft Corporation. âVSoftâs Check 21 software enhances those benefits and allows financial institutions to derive optimum value from the legislation.â