Source: Viewpointe
Cullen/Frost Bankers, Inc. (NYSE: CFR) announced today that it has teamed with Viewpointe to participate in check image activities through its Pointe2Pointe service.
As a result, Frost Bank will directly exchange check images and information with Viewpointe's growing network of the Nation's largest banks, enabling Frost to take advantage of the check processing efficiencies associated with Check 21 legislation.
"At Frost, we have made strategic investments in image technology to enhance the products and services we offer our customers and to be competitively positioned to take advantage of Check 21," Gary McKnight, EVP of Frost Bank. "Viewpointe's member banks represent a large volume of our check clearings. By exchanging electronically with these banks, we can offer enhanced services to our customers and improve the efficiency of our check and settlement operations and infrastructure."
"Frost Bank is a highly respected financial institution, well known for making progressive and sound technology decisions, "stated Jerry Chambers, Viewpointe's interim chief executive officer. "Their decision to become an active and contributing member of Viewpointe's image exchange program illustrates their leadership in adopting innovative and proven technologies that will provide them early competitive advantage in the marketplace."
Pointe2Pointe enables any financial institution to safely and directly send and receive check images, rather than paper, with Viewpointe's national archive customers and other Pointe2Pointe members while maintaining their current image archive environment. Frost Bank will immediately join the Viewpointe User Group-- a collaborative team made of Viewpointe bank peers that is chartered to execute image sharing and exchange relationships and operational business practices decisions.
Frost Bank and existing Viewpointe members will begin prioritizing image exchange production scheduling to take advantage of image clearing benefits. Settlement will be facilitated by the National Clearing House (NCHA).