North Shore Bank Expands Deposit Footprint with VSoft’s Merchant Capture

Atlanta, GA - 7 November 2007

VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that North Shore Bank, a full service community bank based in Peabody, Mass., has chosen to implement its Web-based Merchant Capture solution. With Merchant Capture, North Shore’s corporate customers will capture check images at their remote offices and transmit the items to the bank for processing.

“North Shore Bank was not only looking for ways to increase commercial deposit growth, but also to expand our deposit footprint without the time and investment of physical branch growth,” said Susan Shea, senior vice president of operations and information technology, North Shore Bank. “To achieve this, we needed a solution our customers would value. By selecting VSoft’s Merchant Capture, our customers will reap benefits including time savings, internal control improvements, extended deposit windows, faster funds availability, and more effective and cost efficient record keeping.”

North Shore bank outsources their check clearing, but will implement the VSoft Merchant Capture solution in-house and transmit files to their processor for clearing. The web-based Merchant Capture solution eliminates the need for North Shore Bank’s corporate customers to travel to the bank for deposits, therefore businesses can consolidate their deposits into a single preferred financial institution, averting any geographical dependency. Customers use a low-speed scanner to capture the check images and transmit the data to the bank. The VSoft solution then creates an X9.37 file and transmits to North Shore’s processor.

“VSoft’s Merchant Capture solution provides the tools North Shore Bank needs to improve service to its corporate customers, and also expand their customer reach with minimal effort and investment,” said Murthy Veeraghanta, president, VSoft Corporation. “Image exchange has changed the face of the payment industry. Banks and retail organizations are ready to move into an image-based world, and will reap the benefits of a faster, more efficient clearing system.”

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