Source: Wausau Financial Systems
Massachusetts-based Eastern Bank announced today its electronic exchange implementation plan utilizing a comprehensive product suite from Wausau Financial Systems (WFS).
Additionally, Eastern Bank has chosen to enhance its archive technology by upgrading its existing WFS Optima3 IMS archive solution.
By adopting electronic exchange technology, Eastern Bank now has the capability to implement distributed capture enabling the bank to perform image processing at branch locations throughout the day. Branch capture solutions will be put into operation in selected branch locations over a six-month timeframe. As a result, the financial institution will realize efficiencies and cost savings in its backroom operations when the new system becomes fully implemented.
In May 2005, Eastern Bank started exchanging live images by specific endpoint with the Federal Reserve. Rikk Sicard, VP of Item Processing with Eastern Bank comments, "With the click of a mouse, data and images raced along our network and minutes later ended up on a Federal Reserve server. With the Wausau solution we're now able to convert once limiting processing silos into an integrated processing solution." Sicard continues, "Wausau conveyed professionalism, expertise and the commitment to a strong and continuous partnership. The consulting initiatives, subject matter expertise, product positioning and overall payment processing experience have positioned us to proceed with this implementation. We couldn't be more excited with the possibilities that lie ahead."
WFS President of Payment Solutions, Nancy Langer, shares, "Eastern Bank has been a valued customer of Wausau Financial Systems for a long time. They have always been progressive in their payments strategy and put their current and future customers first in making technology decisions. We are honored to expand our partnership with Eastern Bank."
The electronic exchange suite chosen consists of the following Optima3 Check Processing solutions and modules: V4.21 POD, Electronic Clearing, Auto ImageReturns, Exception Processing Manager, IRD Printing, and Analysis Suite. The existing Optima3 IMS archive solution is utilized for archiving check images, loan and trust documents; to provide images on the Internet for customers; and will be upgraded to allow enhanced Document Management capabilities, enterprise report management, and seamless integration for image access from Eastern Bank's host system. Utilizing this product and its modules, Eastern Bank is now able to leverage Optima3 IMS' technology to enable a true Enterprise Content Management system.