VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that its Check 21 solution has interfaced with Sourcecorp's processing system to automate statement processing at Middlesex Savings Bank.
SOURCECORP provides business process outsourcing solutions and specialized high-value consulting services to clients throughout the United States.
"The partnership with VSoft and SOURCECORP has provided benefits to our customers including enhanced services to better meet their needs," said Chuck Bauer, executive vice president and chief technology officer, Middlesex Savings Bank. "The automated system's quality control features reduces the potential for error in statement processing, and we are able to send statements in a more timely manner. Additionally, we have reduced postal expenses by 20 percent, resulting in a significant cost saving."
Based in Natick, Mass., Middlesex Savings Bank has more than $3 billion in assets, making it one of the largest mutual savings bank in the New England area. The bank initially replaced its check processing software with VSoft's complete imaging product line in 2006, allowing Middlesex to capture and exchange images in compliance with Check 21 legislation.
Using VSoft's system, Middlesex creates statement output files, which are then sent to SOURCECORP via secure file transfer protocol. SOURCECORP then validates the files, reconciles the statement and page counts, and processes each statement for posting. The interface provides a seamless process for automated statement processing, allowing personnel who were previously responsible for statement processing to focus on other bank products and services to satisfy customers.
According to Russ Borgman, executive director, SOURCECORP, "Working with the VSoft technical staff as well as the Middlesex Savings Bank team was very positive and made the implementation very easy."
"We were happy to work with SOURCECORP to help Middlesex Savings Bank further improve and expand their check imaging system," said Murthy Veeraghanta, president, VSoft Corporation. "With VSoft&ammp;##39;s solutions, Middlesex is able to process check images beginning at the earliest point of presentment. Furthermore, the interface to SOURCECORP allows them to extend imaging capabilities to the end user with statement processing and presentment."