Goldleaf Financial Solutions (NasdaqGM:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today announced that Minnesota-based State Bank of Hamburg has selected the company's Net.Check imaging solution.
When the bank was notified that the Fed would increase rates on clearing paper items, State Bank of Hamburg began looking for a comprehensive imaging solution that would allow them to perform imaging, clearing and settlement services electronically to save time, money and staff resources. The bank took a thorough approach to finding an imaging provider, from calling other banks to get references to contacting its current core provider. After narrowing the list down to three vendors, the bank ultimately selected Goldleaf, citing its expertise, high value for the money and single point of contact. Additionally, as Goldleaf has lengthy experience with banks of their size, executives felt the company understood their challenges and came back with solutions that were tailored to their specific needs.
``For the past 12 months, our bank has been going through a radical makeover,'' said Paul Hallquist, SVP of State Bank of Hamburg. ``With a major technological overhaul that included implementing an imaging solution, revamping our Web site and online banking system, we have been strategically focused on improving our operational efficiencies to remain competitive and create new revenue streams. Goldleaf spoke our language, understood our needs and approached this process from our perspective. We have already reaped the benefits - from saving time throughout the clearing process to a reduction in costs. Goldleaf's Net.Check platform has provided significant advantages to our operations, allowing us to focus on our highest priority, which is our customers.''
The automated platform has allowed the bank to save money on clearing costs by sending items through the Minnesota-based United Bankers Bank, costing eight-tenths of a penny as opposed to the Fed, which costs eight cents. According to bank executives, United Bankers Bank has been very successful in developing a large image exchange, which the State Bank of Hamburg can leverage for greater cost savings as it clears the majority of its items through the exchange.
Lynn Boggs, CEO of Goldleaf Financial Solutions, said, ``The Net.Check platform enables State Bank of Hamburg to provide the highest quality customer service and image products. Increased throughput results in labor savings, allowing the bank's staff to spend less time doing research, MICR encoding and microfilming, and more time on its customers. The platform is designed to seamlessly integrate with existing systems, while also adhering to stringent audit standards set by examiners, ensuring that image quality, security and privacy are always in compliance with state and federal regulations. The benefits are significant, leaving State Bank of Hamburg to attract and retains its most profitable accounts, ultimately leading to a competitive advantage in the market.''