Source: Vineyard Bank
Vineyard National Bancorp (the "Company") (NASDAQGS:VNBC), the parent company for Vineyard Bank N.A. ("Vineyard"), today announced the launch of eDeposit, a remote deposit technology system that will allow its customers to make deposits from the convenience of their own office.
eDeposit technology allows Vineyard's customers to dismiss paper check processing, daily visits to local bank branches and the need for a courier service to pick up daily deposits. Customers simply scan the front and back of each check to be deposited and then send the file over a secure system directly into a Vineyard account. Deposits are posted immediately to the customer's account.
"For many of our clients, their business success depends on the ability to collect and process funds quickly," said Norman Morales, president and chief executive officer of Vineyard. "We have taken an early position in adopting this technology for our clients in order to better serve their needs in an increasingly fast-paced business environment."
Vineyard has launched eDeposit as part of its suite of electronic e-commerce solutions, which also includes online banking and bill payment, payroll debit cards and other cash management services. With these technologies, customers can make deposits, as well as conduct all of their other banking, without leaving the convenience of their office.
Vineyard client, California Fund Control Inc. ("CFC") of Fullerton, Calif., reports that eDeposit has reduced its deposit processing time by 75 percent and revolutionized its back office. Because the corporation operates in a highly regulated forum, collecting and disbursing funds for a variety of public and private construction projects, it is critical that deposits hit its balance sheets daily. In the past, CFC relied upon a courier service to pick up its daily 4 p.m. deposit. Now, deposits can be made as late as 8 p.m. and will still appear on that day's account balance, a deadline extension that eliminated a significant amount of tension from its back-office processing.
"Over 600 contractors rely on us to distribute the funds due to them in a timely manner, so it is imperative that our daily balance sheets are accurate and we are able to access the funds reflected on those reports," said Janice Yeh, vice president and general manager of CFC. "eDeposit provides excellent reporting capabilities and is exceptionally secure and easy to use. Our learning curve was less than two minutes."
eDeposit will also allow customers like Yeh to consolidate their banking relationships at Vineyard, saving money on bank fees and creating new operating efficiencies for their company. Regardless of how geographically distributed their own offices may be, by using eDeposit, clients such as CFC may make deposits anywhere in the country up to 8 p.m. PDT. For Yeh, who deals with 64 banks around the globe, the time savings and streamlined process has had a substantial effect in improving the way business is conducted.
"It was an easy business decision," said Yeh. "Vineyard offered us an extraordinary technology solution that helps us serve our customers better and saves us time and money in the process. We'd be remiss if we didn't take advantage of it."