Source: Jack Henry
Jack Henry & Associates, Inc. (NASDAQ:JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, today announced that the ImageCenter ATM Deposit Management™ solution provided by its ProfitStars® division is available for the approximately 1,500 community and mid-tier banks supported by its Jack Henry Banking™ division.
ImageCenter fully automates the entire lifecycle of ATM deposits with proven imaging, transaction balancing, and fraud detection technologies that provide financial institution customers with an extremely efficient ATM deposit experience. ImageCenter's unique and comprehensive approach to ATM deposit reconciliation provides the standard functionality that solves the inherent challenges associated with ATM deposits, including mixed ATM environments, free items, store-and-forward, deposit fraud, adjustment handling, and deposit reconciliation.
Originally developed for the largest financial institutions, ImageCenter has now been fully integrated with Jack Henry Banking's three functionally distinct core systems - the SilverLake System®, CIF 20/20®, and Core Director® - its jhaPassPort™ ATM/debit card product suite, and 4|sight™ Item Imaging platform. The integration of ImageCenter with these solutions allows Jack Henry Banking's customers to deploy advanced ATM technologies while leveraging their existing technology infrastructures. The addition of ImageCenter also strategically enhances Jack Henry Banking's comprehensive suite of ATM solutions.
According to David Foss, president of ProfitStars, "Deploying image capture technology at the ATM takes full advantage of the efficiencies available with the ATM channel. Moving deposit transactions from tellers to automated deposit terminals or ADTs can significantly reduce banks' operating costs. According to research by the Tower Group, standard envelope deposits can cost as much as $1.82 to process while image deposits can cost as little as $0.58. This solution helps mitigate empty envelope fraud and internal kiting, and reduces float with check image exchange. ADTs can expand financial institution's geographical presence and potential without the need for additional branches, can add additional value to the ATM channel, and can help ensure that financial institution customers receive a consistent and high-quality tra transaction experience. ImageCenter can also help banks attract and retain business customers and focus their branch strategies on sales and service rather than routine transaction processing."
Stan Viner, general manager of Sales for Jack Henry Banking, said, "After relatively slow initial adoption, deposit automation is taking off and we expect it to be one of the fastest growing banking technologies for the next several years. Image-enabled ATMs have recently become much more affordable, reliable, and user-friendly. Most banks are building their business case to replace standard, envelope-accepting ATMs around the tangible cost savings generated by the staff reductions and the decreased time it takes to accept over-the-counter deposits and envelope deposits. We expect that the ability to leverage ProfitStars' proven ATM deposit management solution, which is currently deployed by more than 70 financial institutions, will generate strong demand inside our base of core bank clients and in the growing deposit automation market at large."
ImageCenter ATM Deposit Management is compatible with all leading ATM vendors and facilitates Check 21 settlement.