âNorth 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,â said Susan Shea, senior vice president of operations and information technology, North Shore Bank. âTo achieve this, we needed a solution our customers would value. By selecting VSoftâs 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.â
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 Bankâs 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 Shoreâs processor.
âVSoftâs 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,â said Murthy Veeraghanta, president, VSoft Corporation. âImage 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.â