NetDeposit, the leader in innovative check payment technologies and services, today announced a new business delivery model that allows NetDeposit to solidify its leadership in the electronic payments industry.
The announcement was made at its annual Customer Advisory Group meetings. Rapid growth and changing customer requirements are driving an evolution in the electronic payments marketplace. To address this changing environment and to better meet the needs of customers, NetDeposit is now deploying its organization around two specific lines of business: NetDeposit Licensed Solutions and NDpro Payment Services.
Long-time industry veterans Jeff Johnson and Chris Styga will lead the NDpro Payment Services and Licensed Solutions lines of business, respectively. They each bring more than 20 years of financial industry expertise to their roles. Both will report directly to Royce Brown, NetDeposit President and COO. These changes are effective immediately.
"At NetDeposit we are progressively revolutionizing the way checks are processed. In order to maintain our leadership position in the market, it is imperative that we are organized to deliver the best people, processes and technology to our customers," said Danne Buchanan, CEO of NetDeposit. "The growth in our market is almost unprecedented in the banking world and shows no signs of slowing down. With this new structure, we will be able to focus our efforts around the unique needs of our current clients and continue to provide the success-enabling solutions our growing market demands."
The newly organized NDpro Payment Services line of business provides financial institutions with comprehensive, on-demand Remote Deposit Capture (RDC) and Image Cash Letter (ICL) solutions. This enables financial institutions to enter the rapidly expanding market for electronic check capture and processing services with minimal risk and low direct investment. The service is built on NetDeposit's fifth-generation technology platform, which currently powers the largest number of corporate capture installations in the industry. The entire line of business is managed by experienced personnel who have deployed and supported RDC and ICL solutions for a wide range of financial institutions.
The newly organized NetDeposit Licensed Solutions line of business is responsible for the development of new products, product maintenance, professional services and custom development for NetDeposit's full suite of products. Licensed Solutions develops and provides software to financial institutions desiring to bring NetDeposit's technology in-house and integrate it into their existing structure. NDpro Payment Services will also be a customer of the License Solutions line of business.
NetDeposit continues to lead the market with a proven track record of providing measurable value to its customers and enabling process efficiencies. At the end of the first quarter of 2007, NetDeposit customers have more than 10,000 remote deposit capture seats deployed and functioning in the market. Additionally, more than 109 million transactions were processed using NetDeposit solutions in the first quarter. This represents a nearly four-fold growth over last year.