Oakland, Calif.-based Metropolitan Bank announced it has selected Open Solutions Inc.'s imaged-based item processing solutions for its Check 21 initiative.
Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and internationally.
Metropolitan Bank, with more than $135 million in assets and four branches, is a prominent Chinese bank in the communities it serves. As part of the Check 21 suite of products, Metropolitan Bank will implement branch capture, image archive, statement printing/rendering and Image Cash Letter (ICL) capabilities. The bank chose Open Solutions' imaging products because of its proven track-record in the industry as well as the client service they provide.
"With the San Francisco check processing site soon to close, it was imperative for Metropolitan Bank to find a cost-effective means of processing checks," said Stella Kong, vice president controller of Metropolitan Bank. "There were many benefits associated with the Check 21 legislation, including reduced courier costs, streamlined processes and improved customer service through faster funds availability. We felt that Open Solutions was the best partner in helping us reap the full benefits of this technology, both internally and with our customers."
Open Solutions' image-enabled item processing system drives a wide range of check-processing transports and streamlines a financial institution's operations. In addition, the solution optimizes workflow, enhances business flexibility and generates fee income. Key benefits include improved funds availability, faster client service and greater abilities for institutions to retain more accounts and save on monthly mailing costs.
Louis Hernandez, Jr., Open Solutions' chairman and CEO, said, "Since the passage of the Check 21 legislation, we have seen an industry shift towards electronic payments. While changing the banking industry, this move also provides institutions with invaluable opportunities to update their technology and really move to the forefront of the payments frontier. Our flexible and customizable technology allows banks to implement what they need when they need it, with the assurance that Open Solutions will be there every step of the way. We look forward to working with Metropolitan Bank in their endeavor to create a solid imaged-based payments strategy that provides the highest level of operational success."