US Billing licenses Carreker's NeXGen Remittance processing platform
25 July 2005 | 1470 views | 0
Carreker Corporation (Nasdaq: CANI), a leading provider of technology and consulting solutions for the financial industry, today announced that US Billing, one of the largest third party processors of remittances for non- profit organizations as well as other corporate and community entities, has licensed Carreker's NeXGen Remittance payments processing platform. NeXGen Remittance allows US Billing to streamline operations and automate its manual remittance processes.
NeXGen Remittance, which uses advanced image workflow and character recognition technologies to process retail, wholesale, and exception payments on a single integrated platform, offers small to medium-sized institutions and companies a range of functional capabilities that have traditionally been limited to the large bank domain. The solution supports a wide array of low speed to high-speed check capture devices, provides highly customizable retail and wholesale remittance processing capabilities, incorporates Carreker's best of breed image recognition and quality inspection tools, and offers the latest payment clearing options which include Automated Clearing House (ACH) and Accounts Receivable Conversion (ARC), image exchange, and traditional paper cash letters.
US Billing processes and mails millions of customer statements for some of North America's most recognized organizations. They also provide lockbox services to these same organizations, processing millions of lockbox payments annually.
"We have several hundred customers, all with different banking relationships. So our requirements were unique - we needed an advanced remittance processing solution that would allow us to endorse each of our customers' checks with the routing number of the bank at which they would be deposited," said John Bernhoft, president, US Billing. "In addition to providing us with this capability, Carreker's NeXGen remittance solution allows us to completely automate our remittance environment, which was previously a manual, labor intensive process."
Bernhoft added, "NeXGen remittance also provides us with a scalable and configurable solution that will allow us to easily add new customers in a matter of hours. Additionally, the solution will allow us to easily transition our operations as we convert check payments into ARC."
John Carreker, president of Carreker's Global Payments Technologies, said, "US Billing has successfully built its business by offering superior processing services to a very niche customer base. Our image-enabled, cost effective NeXGen Remittance solution allows them to offer their customers an even higher level of service through improved processing efficiency and increased accuracy."
With NeXGen Remittance, US Billing can successfully compete with the increasingly commoditized remittance offerings that have traditionally been offered by large and mid-sized banks. The solution is designed to be highly scalable, supporting daily volumes ranging from 1,000,000 transactions to just a few for high-value customers who depend on high-end remittance capabilities for low volumes.
J. D. (Denny) Carreker, chairman and CEO of Carreker Corporation said, "As imaging and electronification continue to become more prevalent in the payments industry, non-banks as well as banks are looking for proven solutions providers who can help them maximize productivity, reduce costs and expand revenue opportunities. We're delighted that US Billing has chosen our NeXGen Remittance solution to help them with their processing needs as they transition into an image-enabled and ACH environment."