S1 teams with Alogent for deposit automation and cheque truncation
22 April 2004 | 1127 views | 0
S1 Corporation (NASDAQ: SONE), the leading provider of integrated front-office solutions for financial institutions, and Alogent Corp., a provider of payment transaction processing solutions for global financial institutions, remittance and payment processors, today announced a strategic agreement in which the companies will join forces to provide banks with flexible check truncation options to help maximize the potential return of investment from branch re-engineering initiatives.
With the agreement, S1 will integrate Alogent's Extensible Deposit Automation(TM) solution, Sierra Xpedite®, with the S1 Teller solution to offer its more than 1,000 branch customers the choice of automating and truncating check deposits at the teller, branch back counter, or at the distributed point of presentment in the front office, depending on their unique workflow processes.
Recent legislation provides the groundwork for efficient check truncation. The Check 21 Act will provide the impetus for financial institutions to clear checks electronically rather than having to forward the original paper check, thus expediting the clearing process and reducing processing costs.
According to Sean Dwyer, vice president of alliances and business partners at S1 Corporation, "Not only has Check 21 been the catalyst for re-thinking the US payment system workflow, but banks are also taking advantage of the opportunity to re-engineer their entire branch operations to reduce teller workload, increase efficiencies, and improve the customer experience. S1 is now uniquely able to offer its customers the flexibility to manage their specific workflow processes, including where they wish to truncate checks to suit their specific re-engineering strategies. By teaming with Alogent, S1 adds yet another powerful module to our best-in-class branch solution to better serve our customers."
Robert Coyan, director of business development for Alogent, said, "In addition to the increasing interest in deposit automation and check truncation as a way of profitably managing the converging payments landscape, there is a sense of urgency to streamline processes because of the Check 21 Act. At Alogent, we strive to stay at the forefront of technology solutions for our customers. By aligning ourselves with S1 and its premier customer base of more than 4,000 financial institutions, we are able to reach a broad range of financial institutions who can take advantage of our advanced capabilities, to rapidly align with the wide ranging imperatives of Check 21."
Sierra Xpedite, Alogent's extensible deposit automation product, captures, validates and manages transactions at points of physical payment. The patent-pending software reduces workload and improves productivity at the branch, while improving quality, and enabling faster funds recognition through early posting.
S1 Teller includes a feature-rich paying and receiving transaction set considered crucial to fulfilling the rigorous demands of today's teller environment, as well as efficiently and accurately processes information for the branch and back office. S1 provides extensive workflow tools as part of its suite of front-office solutions integrated on the S1 Enterprise Platform. In addition, the operational data integration built into the S1 Enterprise Platform enables banks to fully take advantage of these work process improvements by providing a more comprehensive view of their customers interactions at the point of contact, giving them more opportunities for cross sales and referrals.
The integration of Alogent's Sierra Xpedite with S1 Teller will help banks gain the significant benefits of Check 21. For instance, the solution will help tellers reduce paper handling by eliminating cash, deposit and general ledger tickets; improve customer service through local archives and queries to assess service level; and reduce work at the branch with automated data and image capture. Additionally, the tellers will see fewer customer account corrections back from research and adjustments at the branches, because many exceptions would be identified and corrected while the customer is present.
"Although Check 21 does not mandate check truncation, it is paving the way for major revitalization projects across the industry," said Robert Hunt, senior analyst in the Retail and Wholesale Banking practices at TowerGroup. "There are many options available. However, the key to selecting the right solutions is aligning with the proven vendors that can offer the most flexible options to meet unique and changing business requirements."