Carreker Corporation (Nasdaq: CANI), a leading provider of technology and consulting solutions for the financial industry, today announced that one of the largest correspondent bank/check processors in the U.S. has expanded its licenses for Carreker's image archive and IRD Author solutions.
The client originally deployed the solutions in 2001 and 2004 respectively, before the enactment of the Check Clearing for the 21st Century Act or Check 21, which permits banks to truncate checks and substitute image replacement documents (IRDs). Large volume increases in archiving and IRDs prompted the client to expand its licenses. The archive license is for unlimited volume, as the client expects its archive to become a leading repository for imaged items well into the future.
Carreker's image archive solution now supports more than 70 percent of the U.S. archive volume. It is an enterprise solution that allows the client to efficiently manage, store, and distribute large volumes of check images across a variety of storage media. Carreker's IRD Author solution is used by several leading financial services institutions to generate IRD files that can be printed and presented to banks unable to receive images.
J. D. (Denny) Carreker, chairman and chief executive officer of Carreker Corporation, said, "This important transaction validates the product innovations our company has made and continues to make in helping banks manage their transition to electronification. It effectively confirms Carreker solutions as the standard for some of the fastest growing volumes in the payments world."