Parascript and VSoft Corporation today announced that Synergent, a leading item and data processing services provider to northeast regional credit unions, eliminated costs associated with manual item capture, processing and delivery, including courier services, with VSoft's Branch Capture product that includes Parascript's check recognition technology.
Synergent was further able to expand its client base by eliminating geographic restraints inherent in manual items processing and delivery operations.
Branch Capture allows Synergent's credit union clients to capture check images and data with small desktop scanners at the branch level. The images and MICR data are then sent electronically to a central location, eliminating the need to physically transport paper checks. The Branch Capture product uses Parascript's Courtesy Amount/Legal Amount (CAR/LAR) recognition technology to automatically read the amounts on checks, reducing the amount of intervention and keying required by tellers.
"We have significantly reduced item processing costs and improved operational efficiencies in implementing VSoft's check capture solution with Parascript's check recognition technology," said Dawn Paquet, manager of check processing and support services for Synergent. "As a result of these efficiencies, we were able to transfer internal resources and employees to business development tasks to increase sales volumes. We are also now able to offer image-based technologies to credit unions at remote locations, that we couldn't serve before."
Prior to using Branch Capture, dependencies on courier services restricted the geographic boundaries for new business and prevented Synergent from accepting checks from distant credit unions. Branch Capture allows Synergent's credit union clients to extend their reach and provide a wider variety of business options to their business members. VSoft's solutions also provide a direct cost savings for credit union clients. Before Branch Item Capture, credit unions were spending between $5,000 and $30,000 per year on courier fees. With the image exchange solution, credit unions can exchange images directly with Synergent and eliminate the need for a courier service, resulting in significant cost savings.
"Our long-standing partnership with Parascript has enabled us to offer significant labor savings in check capture and image exchange. Working with Synergent, we have been able to make this combined best-of-breed check image processing application available to hundreds of credit unions," said Murthy Veeraghanta, president for VSoft Corporation.
"We are honored to work with VSoft to make our check recognition technology more widely-available to address the real-world needs of banks and credit unions, not only in amount recognition, as in for remote deposit capture, but also in fraud prevention applications such as signature verification," said Mike Fenton, vice president of sales and operations for Parascript.