National Source One (NSO), a provider of branch automation solutions for community banks, announced GoldCheck21, a full-featured item processing solution designed to help community financial institutions comply with Check 21 legislation, which will go into effect on Oct. 28, 2004.
The software provides banks with check imaging capabilities that reduce processing costs, enhance customer service and expedite clearing cycles at an affordable price.
GoldCheck21 is a turnkey solution for check imaging that can be scaled to meet individual banks' preferences and budget. It performs Courtesy Amount Recognition and Legal Amount Recognition (CAR/LAR) to obtain more than 70 percent of the document amounts with no keying required. Images are then stored in a proof archive, allowing easy access to reports, image statements and Internet banking; thereby, streamlining the processes while enhancing productivity and customer service.
"It is crucial for community banks to leverage the advantages of the Check 21 Act to their competitive advantage," said Larry Hill, executive vice president of NSO. "We designed GoldCheck21 to offer a complete check imaging solution at an affordable price. As an added benefit, its open architecture allows NSO to address the needs of individual banks, providing customized services that will reduce operating expenses and exceed the customer's expectations."
GoldCheck21 was installed at Ohio-based Farmers State Bank in June 2004. The bank has three offices, covering three counties in north-central Ohio. In preparation for the upcoming legislative change, the bank decided to upgrade its current imaging software, which was used primarily for research, to a more sophisticated solution that would image checks and statements.
Marlene Barkheimer, president of Farmers State Bank, said, "Selecting GoldCheck21 was a significant step for our bank. Our focus has always been very customer centric. Being able to provide our customers with (check) imaged statements will greatly improve our overall customer satisfaction."
NSO Chief Operating Officer, Rick Kramer, said, "With GoldCheck21, we have established standards for the quality of images to be exchanged as we move ahead on the Check 21 landscape. Inferior image quality, including missing images, would disrupt the flow of the bank's system, removing many of the efficiencies that Check 21 offers. These are efficiencies that GoldCheck21 guarantees our customers. GoldCheck21 is a proven product that offers our customers the best possible solution at the most affordable price."
Barkheimer added, "Quality images are crucial to the success of any exchange program regardless of the size of the financial institution. During the upcoming months, the debate over what constitutes a quality image will intensify as more financial institutions start to exchange images. We believe NSO is ahead of the game and look forward to a long partnership."
NSO's philosophy is that community banks appreciate a local service provider. The company has built its business model around having the best partners/Systems Integrators available to provide local service and superior customer support. Currently NSO has eight Systems Integrators strategically located across United States that market, install and train on the complete NSO product suite.