Source: Endpoint Exchange
Endpoint Exchange LLC, a Metavante company, today announced the addition of Cullen/Frost Bankers, Inc. (NYSE:CFR) to the company's growing national network of financial institutions participating in the versatility of its image exchange platform.
Endpoint Exchange Network is a leading electronic check image exchange provider for the financial services industry.
Endpoint Exchange will provide Frost Bank with the full interoperability to exchange, clear and settle check images with more than 4,000 Endpoint Exchange member institutions across the country, regardless of asset size or check imaging platform. Endpoint Exchange has continued its market leadership position by establishing system connectivity for the electronic exchange of check data and images with the other national check image exchange networks that process millions of items per day.
"As the image exchange arena continues to grow, the Endpoint Exchange Network will become increasingly valuable to financial institutions and payment processors," said David Rathke, senior vice president, Frost Bank. "Endpoint will allow us to exchange images with a broader network of smaller financial institutions. Exchanging with the community banks, credit unions, and now even the larger U.S. financial institutions is the reason our bank and many other top banks in the country are attracted to Endpoint."
"Frost Bank continues to make strategic investments in image technology through membership in the Endpoint Exchange Network," said Jeff Vetterick, general manager, Endpoint Exchange, LLC. "Frost Bank will provide its customers with improved efficiency in check clearing and settlement through the seamless exchange of check images with thousands of mid-range and community financial institutions in every Federal Reserve district. Endpoint Exchange reduces the overhead and helps generate the type of true transaction cost advantage that check image exchange has promised since the Check 21 legislation went into effect."
As the newest member institution, Frost Bank will be able to take full advantage of all the functionality of the Endpoint Exchange Network, including forward presentment, incoming and outgoing returns, incoming and outgoing adjustments and automated image quality assurance on every exchanged image.
Continued Vetterick, "Endpoint Exchange views check image exchange as an opportunity for financial institutions to gain a competitive edge. We believe our Versatile Image Exchange product can help any financial institution reduce costs, protect current payments profits, and 'future-proof' its payments infrastructure for maximum interoperability."