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Wachovia selects AFS xVision for check image exchange

13 February 2004  |  1054 views  |  0

Wachovia Corp. announced today that it has reached a major milestone in its check image exchange program with the selection of the xVision solution from Advanced Financial Solutions, Inc. (AFS), a leading provider of image-enabled payment processing solutions to the financial services industry.

The AFS xVision software is designed to isolate Wachovia's check capture and posting system from the check image exchange network and allow the bank to receive electronic cash letters with minimal modifications to its current systems. AFS xVision receives electronic data, with or without check images, and imports the data into the xVision warehouse. From here the data is "perfected" using state-of-the-art image-based quality assurance applications. Once the data is perfected it is exported to the appropriate banking system for posting or forwarded to a check image exchange network. AFS xVision is designed to send and receive from multiple check image exchange networks using multiple workflows. This unique design advantage will allow banks to utilize the optimum check clearing method without software changes.

Wachovia Corp. uses CPCS for its check capture platform. The implementation of AFS xVision provides the gateway for Wachovia to both support and accommodate image exchanges with other SVPCo Exchange Network members. This strategy removes any constraints regarding interoperability, exchange standards, and record formats, while leveraging the existing investment in CPCS technology.

AFS is excited to assist in bringing full check image exchange interoperability to Wachovia Corp. "AFS xVision provides top-tier banks like Wachovia with a very reliable and extremely flexible solution for check image exchange," said Steve Winkler, AFS General Manager. "AFS and Wachovia have created the optimum infrastructure for Check 21 and check image exchange. AFS is redefining the check image exchange channel and improving the functionality of electronic clearing and settlement for financial institutions of every asset size and check imaging platform."

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