Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that it has reached an industry milestone with 75 clients adopting one of the two check image exchange applications from the Metavante Image Solutions division. Synovus Financial Corp. and Bank of Hawaii are among the growing number of clients ranging from top-tier U.S. financial institutions to community banks and service bureau check processing consolidators using Metavanteâs check image exchange technology.
Metavante Image Solutions offers two check image exchange applications, VisionIPâ¢: Check 21 and VECTOR: ImageEx. VisionIP: Check 21 is designed to meet the needs of the countryâs middle tier and community financial institutions with an integrated item processing and image exchange capability. VECTOR: ImageEx addresses the requirements of the largest banks in the country by working with existing image capture and electronic check presentment (ECP) systems.
"The adoption of enabling technology at this scale by institutions of all sizes is a clear indication of the broad acceptance and growth of image exchange,â said Bob Meara, senior analyst for Celent Communications. "This is positive for the industry as we reduce cost per item and accelerate funds movement ahead of the decline in paper check volume. Metavante is demonstrating industry leadership in achieving this milestone.â
VisionIP: Check 21 provides a number of operational and transaction cost advantages for Synovus. "Now that we are in live image exchange mode with several of the major networks, we have improved our next-day availability to almost 100 percent on items being cleared via image. We are consistently able to meet the Fedâs earliest cutoff deadline for outgoing image cash letters,â said Bobby Moody, senior vice president, Operations, Synovus Financial Corp. "Each month we expect to further reduce our per-item costs as more electronic receivers of check images come on-line with check image exchange.â
Both applications allow financial institutions to exchange images directly or through national image exchange networks including Viewpointe, SVPCO, the Endpoint Exchange Network and the Federal Reserveâs FedImage Services.
"The growth in the adoption of our image exchange technology is indicative of widespread forward momentum in the industry,â said Gary Nelson, president, Metavante Image Solutions. "This milestone acknowledges the role our comprehensive solutions are playing in facilitating the acceleration of image adoption, which in turn, lowers cost and improves efficiencies for institutions of all sizes.â
Metavante Image Solutions provides comprehensive solutions that help banks and businesses transition from paper to electronic payments and image processing. Solutions that can be delivered in-house or outsourced include distributed capture, check and remittance processing, fraud detection, and document and report management. Customers encompass banks and corporations of all sizes worldwide from de novo banks to the largest financial institutions and corporations.