Source: Carreker Corporation
Carreker Corporation (Nasdaq: CANI), a leading provider of technology and consulting solutions for the financial industry, announced today that Creative Payment Solutions (CPS), the payments processing subsidiary of BB&T Corporation, has gone into production with multiple financial institutions using Carreker's Source Capture Suite/Web Capture solution.
CPS, which provides ASP services to its parent company and other banks, has now licensed the Web Capture solution to several third-party financial institutions who will brand the product as their own and sell it to their corporate customers.
"We're committed to providing simplified payment processing services to our customers and Web Capture allows us to achieve that objective in a very fast, efficient manner," said Harold Williams, Chief Operating Officer, Creative Payment Solutions. "There are a number of banks who choose not to install and deploy their own check capture software, and for those institutions CPS and Web Capture are the perfect solution. We've been very pleased with the level of interest and positive response that we've received from our customers."
Web Capture is a bank-branded, remote deposit product that allows CPS customers to use low-cost image scanners to capture images of checks, balance and correct the deposit, create an electronic deposit, and transmit the check image and deposit data to the bank electronically via the Internet, rather than physically transporting checks to various bank branches. In addition to quick deployment, Web Capture also eliminates the need for application software and ongoing maintenance of software and profiles at the remote capture site. Additionally, Web Capture allows CPS customers to track and manage their deposit activity in real-time from multiple store locations.
CPS was created by BB&T Corporation in 2003 as an electronic payment utility to provide services to financial institutions, allowing them to take a leadership role in the evolution of payments in the United States while maintaining their own brands.
CPS offers financial institutions an integrated system that can be used by their corporate clients, remote branch locations, consolidated processing locations or Automatic Teller Machines. Carreker's Branch Capture, Corporate Capture, Web Capture, IRD Author and Source Capture solutions are all core components of the CPS system. By integrating these system components, CPS is capable of delivering a complete, end-to-end solution with Carreker's Source Capture Base engine.
Bobby Batts, Product Manager, Creative Payment Solutions, commented, "We are well positioned to offer best-of-breed technology by providing one integrated core processing solution with built-in functionality such as Back Office Conversion and remittance processing. We offer our clients a fully integrated Corporate and Web Capture solution."
With Web Capture, CPS customers can send images of their checks electronically to CPS in Wilson, N.C. CPS then provides such services as ACH origination, Image Replacement Document (IRD) authoring, posting and archive services.
"We've been delivering our Web Capture solution since the fall of 2005 and are currently on our fifth release of functionality," said Michael Ringuette, EVP, Payments Solutions, Carreker Corporation. "We continue listening to our clients in partnering to aggressively extend these solutions with low-cost, easy-to-use, quantifiable, results-focused enhancements."
J.D. (Denny) Carreker, Chairman and CEO of Carreker Corporation, said, "As remote deposit capture continues its rapid adoption rate in the industry, banks are continually looking for ways to provide the faster, more efficient ways of processing payments, while limiting their capital investments. CPS licensing Web Capture to third-party financial institutions is just one more example of how they continue to be innovative and proactive in their efforts to meet their customers' growing needs."
Web Capture is a component of Carreker's Source Capture Suite of products, all designed for capturing image of checks at remote locations. Other components include Corporate Capture (already deployed by CPS for more than 800 customers), Branch OTC (being deployed at 3,300 Wells Fargo stores), and ATM Capture. Regions Banks and IBM have also licensed components of Source Capture from Carreker.