Cathay Bank implements VSoft's Merchant Capture package
24 July 2007 | 1607 views | 0
VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that Cathay Bank, an $8.6 billion global bank headquartered in Los Angeles, Calif., has chosen to implement its Web-based iMerchant Capture solution.
The solution is delivered as an Application Service Provider (ASP) offering through Branch 21, Inc. Branch21 is a premier provider of service and software solutions for community banks and financial institutions nationwide, which also uses VSoft's eDesk platform for check processing and image exchange.
"VSoft's Merchant Capture solution offers our existing business customers the convenience, cost savings and increased time efficiencies by eliminating daily trips to the bank," said Irwin Wong, executive vice president, Cathay Bank. "We have broadened our opportunities for new business by eliminating geographic boundaries, allowing us to compete more strategically and aggressively in other markets. Image exchange and Merchant Capture are two of the most promising deposit growth efficiencies at Cathay Bank."
The Web-based iMerchant Capture solution allows Cathay Bank's business customers to remotely capture and electronically send deposits, eliminating the need to travel to the bank. Business customers use a low speed scanner to capture the check images and transmit the data to the VSoft eDesk check image processing platform, residing at Branch21, Inc.
Merchant Capture allows businesses to consolidate their deposits into a single preferred financial institution, averting any geographic dependency. Funds become available sooner as personnel can simply scan the checks as they receive them.
"At Branch21, we are dedicated to providing the most efficient data processing solutions and services to banks and financial institutions," said Michael Trefero, executive vice president, Branch21, Inc. "By adding Merchant Capture to our existing VSoft imaging platform, our bank customers can extend their reach to include business customers at any location. Banks will be able to acquire new business, thus increasing deposits."
Branch 21, Inc., also uses VSoft's full line of imaging solutions to provide managed services to financial institutions. These include check immmage processing and exchange interfaced with the Bankway core processing system from Information Technology, Inc. (ITI).
"Cathay Bank services customers throughout the world, and we are pleased with its decision to further extend its reach with one of VSoft's imaging solutions," said Murthy Veerghanta, president, VSoft Corporation. "With the benefits of Merchant Capture and the ASP delivery model, overall efficiencies and customer satisfaction levels will improve for existing and new business customers. Additionally, the solution will allow Cathay to service business clients regardless of location