Jack Henry & Associates (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that its ProfitStars division has enhanced RemitPlus, its enterprise payment system that automates electronic check deposits, with the Key-Pay Convene data completion solution provided by Orbograph Ltd.
RemitPlus is an automated remittance processing and electronic deposit solution that enables diverse businesses to scan and capture images of checks and payment vouchers, stubs, or coupons. The paper checks are converted into electronic transactions that are processed via ACH or through the Check 21 image exchange network. Selected identifiers from the vouchers, stubs, or coupons are stored and the business' accounts receivable system is automatically updated.
Automated payment processing solutions typically require that users manually enter data that is unreadable by automated character recognition solutions. Key-Pay Convene automatically routes unreadable data to offsite, certified personnel for keying and supports virtually 100 percent of free- form, semi-structured text and all handwritten characters. Unlike other data completion solutions, Key-Pay Convene receives and processes only the data components or "snippets" that are not read automatically. The entire check or payment form is not sent to the keying source, which ensures consumer privacy with an embedded transparent remote keying solution.
David Foss, general manager of ProfitStars, said, "Key-Pay Convene enhances RemitPlus with a new level of speed, accuracy, and efficiency for the document scanning process. The combination of RemitPlus and Key-Pay Convene enables us to offer diverse businesses a more efficient and more streamlined payment processing solution. Financial institutions, nonprofits, churches, city and county governments, utility companies, and many other businesses can now fully automate payment processing without the inherent challenge of deciphering forms or check writers' penmanship. This next-generation data completion solution eliminates nearly all of the exceptions generated by traditional character recognition solutions."