Carreker Corporation (NASDAQ:CANI), a leading provider of technology and consulting solutions for the financial industry, today announced that $55 billion-asset Bank of the West has selected Carreker's TrackPoint solution to track various types of work in the bank's Receiving and Proof departments.
Demand in the track and trace space is expected to grow as financial institutions seek to reduce operational expenses and comply with laws on safeguarding their assets, with growing emphasis on the security and confidentiality of customer information. The Gramm-Leach-Bliley Act, the Sarbanes-Oxley Act and Basel II in various ways oblige financial institutions to retain historical customer data as well as track and trace the movement of auditable data across, in, and out of the enterprise.
TrackPoint is a web-based solution that tracks, traces, and reports on virtually any bar coded object or electronic file shipped, helping institutions reduce costs, streamline operations and solve internal control, regulatory, and audit concerns. TrackPoint automates the counting, verifying, logging and reporting functions, eliminating uncertainties associated with manual methods. It also offers greater speed and versatility than other automated systems.
Bank of the West will use Carreker's TrackPoint to track check deposits; ATM deposits; customer deposits; Tax, Title and License (TT&L) payments; internal payroll envelopes; interoffice mail; and bulk file shipments between operations sites. Bank of the West has been using Carreker's legacy track and trace application, Receive Sentry, since 1998.
"Carreker's legacy track and trace solution has served us well for many years, but when we had the opportunity to upgrade to their web-based TrackPoint system, it was an easy business case to make," said David Hager, Vice President, Corporate Logistics & Statement Processing, Bank of the West. "At an enterprise level, we can measure service level agreements by tracking the movement of high priority work between branches and the operations center. Equally as important for us, since we use a third party processor for some of our Item Processing, we can monitor the delivery of our work at remote, third- party locations in real-time."
Hager added, "But what really sealed the deal for us was Carreker offering an ASP option. With our enormous growth at Bank of the West, technical resources are at a premium, and this solution allowed us to implement the software without having to distract our internal IT department. This allowed for a very expeditious installation calendar."
"We're delighted that Bank of the West has extended their relationship with us by installing the TrackPoint solution and we look forward to helping them continue their rapid growth. Having real-time visibility of items moving into, through, and out of the organization allows Bank of the West to improve operational efficiencies, better manage assets at an enterprise level, manage exceptions and other issues as they arise, and improves vendor management capabilities," said Brian Evetts, Executive Vice President, Cash & Logistics Solutions, Carreker.
J.D. (Denny) Carreker, Chairman and CEO, Carreker, said, "Having a long- time client like Bank of the West upgrade to our TrackPoint solution testifies to our product innovation and validates the product investments we continue to make."