VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, has joined forces with value added reseller, Integrated Media Management (IMM), to implement check imaging solutions in financial institutions nationwide.
IMM is a document output management and automation technology provider. The combined company efforts enable financial institutions to meet the aggressive check processing center closure deadlines announced by the Federal Reserve Bank system earlier in the year.
"Establishing a partnership with VSoft has allowed IMM to extend our product offerings within the financial industry so our customers can gain efficiencies and added benefits," said Chuck Klein, CEO of IMM. "By combining the expertise of IMM and VSoft, we can offer a fast track, integrated solution to accommodate the accelerated schedule of Fed Center closings."
VSoft and IMM converted more than 25 financial institutions from paper to electronic processing during the first ten months of 2008. VSoft and IMM together offer a full line of check imaging solutions enabling financial institutions to achieve "Straight Through Image Processing." This process allows check images to be captured at the earliest point of presentment and uses these images to process payments through "day 2" return and exception item processing.
The teller item capture solution, which combines IMM's robust TotaleReceipts software with VSoft's Check 21 solution automates the process from the teller line to the Fed or other end points for maximum efficiencies. The scanned checks populate the tellers' "checks received window" and provides real time posting and teller balancing of each transaction. The system enables faster end-of-day processing and reduces tellers' processing times and errors. More than 30 clients have implemented the integrated solution since it was offered a year ago and many others have plans to implement it as a next step in the automation of teller processing and paper elimination.
"The current plan for Federal Reserve closures has prompted more financial institutions to aggressively replace their paper-based processing system with check imaging. VSoft and IMM now off offer these institutions full imaging to improve business processes that will reduce operating costs and improve customer service," said Murthy Veeraghanta, president, VSoft Corporation. "Working with IMM as a value added reseller, each company has been able to leverage and integrate core competencies into one solid team to improve technology and delivery channels for financial institutions across the nation. We look forward to our joint efforts to support institutions' needs."