VECTORsgi, a Metavante company and a leading provider of financial transaction applications, today announced a large contract with a leading provider of bank and lockbox outsourcing services in Canada to provide the latest version of the VECTOR Exceptions Solution and VECTOR Returns Solutions.
The VECTOR Exceptions Solution, which streamlines and automates both paper and electronic transactions, and the VECTOR Returns Solution, which simplifies the incoming return process, will ready the outsourcing firm for the Truncation and Electronic Cheque Presentment project (TECP), an initiative by the Canadian Payments Association (CPA) that will transform the current clearing process for checks and other paper-based items.
"Our solutions are designed to empower our customers with automated workflows that result in a reduction in risk as well as cost," said Sydney Smith Hicks, chief executive officer and president of VECTORsgi. "VECTOR Exceptions and VECTOR Returns will enhance the impact of our customer within the marketplace and bolster their compliance with TECP."
The implementation of both VECTOR Exceptions and VECTOR Returns will facilitate improved exception handling productivity, easier tracing, faster access to check images for reference and timelier reporting. The image-enabled solutions are part of the outsourcer's moves to prepare for the TECP requirements. The use of imaging is expected to greatly reduce the need for transportation and courier arrangements, which are currently necessary to support the present environment in some remote regions of Canada. The first phase of implementation will support a major Canadian bank and accommodate six provinces in Canada.