National Bank of Kuwait SAK, New York branch (NBK NY) announced it has selected Open Solutions Inc.'s image-based item processing solution to achieve a streamlined, Check 21 strategy.
Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and internationally.
Founded in 1952 as the first national bank in the Gulf Region, National Bank of Kuwait (NBK) has grown to become the largest and most dominant financial institution in Kuwait. The bank also has the most extensive regional and international network in that area. The bank has branches, subsidiaries and regional offices in New York, London, Paris, Geneva, Lebanon, Jordon, Bahrain, Qatar, Singapore, China, Iraq and Saudi Arabia.
NBK's New York branch, NBK NY, has more than $800 million in assets alone. The U.S. branch was established in 1984 to complement the services of its Kuwait branches by offering a wide range of financial services to corporate and individual clients, including commercial loans, real estate advisory, treasury services and cash management, trade finance, funds transfer and private banking.
"By deploying an imaging solution in our New York office, we will be able to automate most of our check processing, streamlining our workflow and reducing costs associated with manual processes," said Rex Richardson, assistant general manager, NBK, New York Office. "We were in need of a system that would comply with Check 21 and move us towards an image capture environment."
Open Solutions' image-enabled item processing system drives a wide range of check-processing transports and streamlines a financial institution's operations, optimizes workflow, enhances business flexibility and generates fee income. The system provides for improved funds availability, offers faster client service and helps institutions retain more accounts and saves on monthly mailing costs.
Tim Clewley, senior vice president and general manager, Imaged Payment Technologies Group, said, "Through our imaging product suite, we provide institutions of all kinds innovative technology to be more efficient, profitable, and competitive and provide more compelling products and services to their clients. Whether an institution deploys the check imaging system as an in-house system or chooses to outsource the entire system, we ensure the highest level of operational success."
"From Check 21 to online and mobile banking, the payments frontier continues to evolve," said Louis Hernandez, Jr., Open Solutions' chairman and CEO. "More recently, NACHA's International ACH Transaction rules are scheduled to take effect in 2009, allowing U.S. institutions to send and receive cross border ACH payments. Open Solutions realizes the importance of having a solution that changes with market dynamics and we continue to provide solutions that support institutions' check imaging initiatives. We are pleased to work with one of the strongest and most dominant financial institutions in the Middle East, and we look forward to transforming National Bank of Kuwait's New York branch's check processing operations."