WAUSAU Financial Systems, the industry leader in receivables processing solutions, announced its partnership with Burroughs Payment Systems and S1 Corporation, (Nasdaq:SONE), a leading provider of payments and financial services software solutions.
Through the partnership, WAUSAU Financial Systems is deploying its ImageTeller™, over-the-counter document imaging solution along with the S1 Branch Teller application to provide document capture and advanced workflow capabilities to First Niagara Bank, N.A., a $20 billion financial institution.
ImageTeller electronically captures transactions, such as cash tickets, loan payments and checks, at the moment they are presented and allows for instant tracking. The solution drives return on investment for First Niagara by improving transaction workflow and reducing overall operating costs with fewer teller data entry, back-office processes and courier runs.
"In a short period of time we've seen significant increases in our branch and back-office efficiencies," said Beth Neidrauer, vice president at First Niagara Bank. "Among the countless benefits of ImageTeller, the solution allows our tellers to do more without having to leave their stations."
To provide an effective solution, S1 and WAUSAU worked together to tightly integrate ImageTeller with S1's Branch Teller application. "Seamless integration is vital for successful teller capture," said Pierre Naude, Divisional President, S1 Corporation. "Tellers must be able to capture transactions through a consistent, easy to use user interface without having to switch between multiple systems."
Through the partnership, S1 will coordinate the delivery of image integrated teller functionality, Burroughs will provide SmartSource Professional scanners for teller stations, and WAUSAU will handle image processing through ImageTeller. The solution was live in 57 First Niagara branch locations within seven months from the contract date, and the rest of the 254 branch network is expected to be live by fall 2010.
"When considering whether or not to implement a teller image capture solution, many financial institutions tend to concentrate on the expense and time needed for training once the system is in place," said Kattaid Kat in place," said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems. "Instead, they should focus on the larger-than-branch-capture-ROI they will begin to realize immediately following their deployment. Imaging at the teller-line allows First Niagara and other financial institutions to experience benefits ranging from increased branch efficiency to lower back-office and paper costs."
Additional benefits of the integrated solution include:
* Automated teller data entry, using advanced imaging and forms recognition technology
* Increased quality customer time, helping financial institutions achieve branch revenue objectives
* Improved management control of resources and tasks
* Faster, more accurate and efficient processing, eliminating bottlenecks and unnecessary steps associated with antiquated branch processing technology
* Advanced technology allowing the e-transmission of deposit images and data files to central operation, reducing branch courier runs
"Smart financial institutions like First Niagara are quickly realizing the benefits of teller image capture," said Alan Howard, president and chief executive officer at Burroughs. "The reduced transportation costs alone can lead to significant savings over the initial investment of the application platform and imaging hardware."
Eliminating the need for courier runs, internal documents - from teller cash tickets to general ledger - or paper checks following presentment, ImageTeller provides a cost-effective solution helping financial institutions in their efforts towards greener, paperless branches.
"As a result of Check 21 legislation, we've seen the nation's payment system evolve from a paper-check processing model to a nearly 100-percent electronic check processor, which translates the need for greener, more technologically advanced branches," said Strasser. "In line with these changes, we should see more and more financial institutions adopting teller image capture solutions, like ImageTeller, as the end game of Check 21 deployment, and further as part of their paperless-business strategy to avoid the increasing costs related to paper processing."