VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced today a partnership with Toronto-based Paystation, an industry leader in payment processing solutions.
Paystation selected VSoft's multi-channel image processing solutions to equip Canada's financial institutions for a shift to full check truncation.
The partnership comes immediately following the passage of the first of two check electronification rules by the Canadian Payments Association (CPA), which permits the use of image replacement documents (IRD) for processing. A second rule should be enacted this year to enable full check electronification of all forwarded items. The result will be a full check truncation environment similar to that of the U.S. and other international markets, improving overall efficiency of check payment processing, reducing operational costs and preventing fraud.
"As we have seen in other markets, financial institutions are eager to adopt full check truncation and realize the benefits that will help their processes and ultimately their customers," said Arun Srivastava, president of Paystation. "VSoft has successfully served the U.S. and other international markets for more than 15 years, and we are confident that its solutions will be a strong asset to our bank, credit union, trust company and government clients as well as the international consumers and businesses they serve. Through our partnership we expect to bring VSoft's solutions straight to the Canadian market."
With its rich history and wide variety of leading industry affiliations, Paystation has long been considered an industry leader and expert in fraud prevention and detection for Canadian businesses of every size. Since 1955, Paystation has provided a comprehensive suite of solutions to improve service, reduce cost and maximize efficiency for Canadian banks, credit unions and businesses. Its new products provide seamless, real-time, high volume and high performance transactions across multiple channels. VSoft solutions can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financiaial institutions.
"As a global provider of process improvement solutions, we recognize the compounded benefits that full check truncation will bring to Canadian financial institutions and businesses," said Murthy Veeraghanta, chairman and managing director, VSoft Corporation. "Our high performance, scalable solutions are proven to meet the check imaging needs of virtually any financial institution, and we are honored to be selected by Paystation to introduce such efficiencies to its market."