CSC signs new cheque image licensing agreement with Symcor
10 May 2007 | 1858 views | 0
Computer Sciences Corporation (NYSE:CSC) today announced that it has expanded its relationship with Symcor, a leading North American business process outsourcer for the financial services industry, by signing a new licensing agreement for additional components of CSC's CheckVision software suite.
CheckVision's e-Data Delivery suite provides banks with multiple options to deliver financial transaction data. The new applications will help Symcor's financial institution clients provide required cash management information to their corporate depositors while complying with Canada's Truncation and Electronic Cheque Presentment (TECP) initiative. TECP mandates that institutions clear checks electronically, instead of using paper-based systems, by the end of 2009.
Symcor uses CSC's CheckVision Image Statements software with CheckVision Archive and Delivery software to enable its bank clients to include check images on monthly account statements. With the CheckVision e-Data Delivery suite, Symcor's customers can offer their commercial clients encrypted check images, statements and associated payment data on physical media -- CD-ROMs or DVDs -- and through the Internet.
"Based on the quality results we've had with the CheckVision Image Statements software and its integrated imaging components, we've extended our relationship with CSC to provide our bank clients with additional delivery products and improved data protection," said Dennis Maloney, Symcor's chief information officer. "Now we will be able to offer secure, TECP-compliant data to our customers and their corporate accounts."
"Symcor will be able to provide secure cash management offerings via multiple delivery channels, even at large processing volumes," said Jeffery Schwalk, vice president and managing director of the Americas Banking division within CSC's Financial Services Group. "CSC's integrated payments systems help North American financial institutions improve business results as they convert from paper checks to electronic clearing."
CheckVision is a banking transaction archive and delivery solution that delivers archived customer statements and check images to customers via mail, CD-ROM, DVD or the Internet. The system provides a high-volume, multi-object platform for long- and short-tehort-term storage of enterprise financial transactions. It can also be used with third-party archive systems.