VSoft Corporation, a global information and technology provider of process improvement tools for financial institutions, announced at the 2007 BAI Transpay Conference and Expo that Independence Bank of Rhode Island, a $50 million asset community bank currently serving customers across five states, achieved record growth by implementing VSoftâs Merchant Capture solution, which was private labeled and rebranded by Independence Bank as Cool DepositTM.
âVSoftâs solution has completely changed the face of our one, little branch. We have greatly expanded our geographic reach to include five states, which has increased our core deposits by over $6.5 million,â said John Charette, vice president of finance and business technology, Independence Bank. âBecause of these results and because of how simple it is for our customers to open remote accounts with us, we have no need to build any other branches.â
The success of the Cool DepositTM brand has led Independence Bank to launch several versions of their product, tailored to the specific needs of the individual customer. In addition to Cool DepositTM, Independence Bank has launched a line of products designed for other banks, branded Cool CaptureTM. Cool CaptureTM will enable banks to offer their customers a remote capture product without a significant investment up front.
Since implementing the Merchant Capture solution, Independence Bank achieved a 500 percent increase in monthly item processing. By utilizing check-imaging technology, businesses are able to deposit their financial transactions at the point of presentment rather than manually depositing their transactions each day. Not only does this solution decrease time and expenses required for manual deposit and item delivery, but it also reduces the time required for items to clear, allowing financial institutions to offer next-day funds availability.
At VSoft, we are committed to serving not only our larger, established institutions, but also our de novo banks,â said Murthy Veeraghanta, president, VSoft Corporation. âBy providing Merchant Capture technology to Independence Bank, their Cool Deposit customers benefit by saving fees that would normally be spent on check-processing activities. Businesses using Cool Deposit are no longer required to rely on expensive courier services or sending an employee to the bank with deposits.â