Alogent Corp., a provider of payment transaction processing solutions for global financial institutions, remittance processors and payment processors, announced that it signed a contract with New York City-based Independence Community Bank (ICB) for implementation of the company's Sierra Xpedite, extensible deposit automation solution.
ICB will use Alogent technology to deliver image and data capture, validation and management of check deposits as part of its system-wide Check 21 infrastructure and solution development strategy in its more than 120 branches.
"The benefits of image capture for the bank are significant," said Steve Glass, ICB's chief information officer. "The operational and financial efficiencies made possible by Check 21 and branch image capture will enhance our competitive stance in the marketplace. Leveraging Alogent for intelligent image capture solutions for front counter, back counter and corporate deposits will enable ICB to eliminate microfilming at the branches, reduce transportation expenses, streamline our item processing and offer improved service to our customers."
Sierra Xpedite automates deposits through the capture, validation and management of transactions at points of physical payment. These include branch teller counters, back counters, ATMs, corporate and merchant locations and walk-in payment locations. The solution's data and image workflow, automation and recognition technology reduces workload, catches errors earlier and eliminates many internal paper documents immediately.
At ICB, Sierra Xpedite will capture and validate the data and image of all deposits involving checks. Internet technologies and image workflow deliver transaction data and images to the processing center throughout the day for remote collection and archival, if needed, of transaction documents captured at the front and back counters.
Alogent's partner in the solution delivery to ICB is Unisys, which is providing Unisys My Vision X scanners to teller and back counter locations throughout the bank's system.
"Image exchange is one of the most exciting developments in payments in the last 50 years," said Janet Jones, sales program manager in the global financial services practice at Unisys. "Our solutions provide banks like ICB with the flexibility to capture checks wherever they want in the process. By harnessing the power of technology, banks can process checks more efficiently and improve service to customers."
"Check 21 and technological innovation are changing the transaction processing landscape in financial institutions of all sizes across the country," said Brian Geisel, founder and CEO of Alogent Corporation. "In the same way we're deploying solutions that facilitate deposit capture automation for straight through processing to image exchange at the nation's largest institutions, Alogent is partnering to bring the innovation of our highly scalable applications to the entire industry. Image capture and exchange will change the way bank operations are done. Similarly, Check 21 will impact where institutions seek competitive advantages and opportunities for efficiency enhancement. We look forward to our partnership with Independence Community Bank in accomplishing both of those goals."