Demand for company’s OnView™ Product Suite increases as top financial institutions look to replace legacy systems
With more than two decades of experience and trusted by thousands of banks and credit unions worldwide, VSoft has gained substantial momentum among the top financial institutions. Several of the top 100 financial institutions in the U.S. are now leveraging VSoft’s solutions, including a top ten bank. VSoft also provides OnView payment solutions to the majority of the nation’s corporate credit unions and leagues as well as two of the top ten credit unions in the U.S. Not only has VSoft seen growth among large financial institutions in the U.S. but the company is expanding its global reach by working with a top ten global bank as well as many of the largest banks in the Caribbean and South America.
VSoft’s OnView suite of payment processing solutions provides institutions the ability to process all day one and day two payments through one single unified platform. VSoft’s solutions facilitate payment processing services, data perfection, image exchange for inclearing and cash letters, fraud risk reduction, returns and chargebacks, as well as research and archive functionality. The application’s open architecture includes business operations, rules and workflows, and data integration. VSoft’s single platform approach allows financial institutions to set up and manage business rules in one place that can be applied to deposits and payments across all channels.
“Historically, financial institutions have adopted technology with a best-of-breed approach, where multiple platforms from different vendors are combined to create – what they think is – the most innovative system. This has especially been the case for check processing,” said Murthy Veeraghanta, chairman and CEO of VSoft Corporation. “The challenge with this approach is managing those platforms and vendors, with the end result being a disjointed system that is felt by not only the institution but also its customers.”
To process a single check through this legacy model, a financial institution captures the check with one system. It is then passed to a second system for validation, moved on to a third system for archiving and then a fourth system to research the item. This process leads to an entire host of operational inefficiencies, fragmented systems, multiple points of failure, image duplication and added costs.
Veeraghanta continued, “IT resources are maintaining multiple systems, vendor management and compliance teams are managing multiple relationships, and financial institutions are paying maintenance on multiple systems, all to process a single check. This simply does not work. VSoft has solved this challenge through our OnView suite, which continues to see impressive adoption by not only community financial institutions, but some of the nation’s largest banks and credit unions. This is a testament to our technology, and we look forward to OnView’s continued success.”
VSoft Corporation offers platform-based services for the banking, financial services and insurance (BFSI) industry. Its core, payment and digital banking solutions reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide.