CPS, created by BB&T Corporation in 2003, is focused on developing electronic payment utilities that will allow financial institutions to continue to take a leadership role in the evolution of payments in the U.S. while allowing the financial institution to maintain its brand in the process. Woody Tyner, Payments Strategist for BB&T, said, "BB&T has taken an active role in the changing landscape of payments over the last few years and CPS is consistent with BB&T's strategy to support financial institutions' central role in the payments process."

With Source Capture, corporate customers can use low-cost image scanners to capture images of checks, inspect the quality of the image captured, create an electronic deposit, and transmit the check and deposit data to the bank electronically - rather than physically transporting checks to various bank branches.

When the Check Clearing Act for the 21st Century (Check 21) takes effect October 28, 2004, banks will no longer need access to original checks for collection and settlement, but can use substitute checks and images instead. Source Capture will bring corporate customers substantial benefits of convenience, consolidation of bank relationships, and lower deposit processing fees by imaging checks at their own locations. Future capabilities of Source Capture from Carreker will include imaging checks at remittance, branch, cash vault and ATM locations.

Harold Williams, Senior Vice President of Creative Payments Solutions said, "Source Capture will allow our customers to enjoy the efficiencies of the emerging payments processes with very low upfront costs. With Source Capture, we can quickly take our electronic deposit-taking products to market, increasing our value to existing customers and expanding the financial institution's market reach beyond what was possible when physical check deposits were required."

Williams added, "Our longstanding relationship with Carreker played a significant role in our choice of Source Capture, as did their leadership in Check 21-related areas, including their leadership in image quality analysis and the comprehensive Check 21 Readiness Workshop they customized for BB&T. As a result, we are confident that our expertise in serving corporate checking customers will be complemented by their expertise in preparing for Check 21 opportunities."

John Carreker, President of Carreker's Global Payments Technologies, said, "BB&T and CPS are staking out a leadership position in helping customers realize new Check 21-driven efficiencies at a time when many banks are experiencing growing competitive pressure. It is clear that those banks that focus aggressively on increasing customer value will find themselves well positioned to succeed in the crucial business of payments."

CPS's deployment of Source Capture represents another step in BB&T's pathway toward payments leadership.

Corporate customers will benefit from Carreker's Source Capture in three ways:

Convenience: Corporate customers will no longer need to disrupt the workday to transport physical checks to the bank branch to make a deposit. Deposits can be made at any juncture during the day in order to realize greater funds availability.

Consolidation of Bank Relationships: Today, corporate customers with multiple offices in dispersed geographical areas must maintain accounts at several different banks so that deposits can be made locally. Image-based deposits eliminate the geographic constraints, permitting customers to consolidate their deposit activity at a single bank.

Lower Costs: Today, customers pay fees for multiple bank relationships, multiple accounts, and multiple sweeps to consolidate their deposits. With image-based deposits, corporate customers can anticipate a reduction in those costs, a reduction in deposit preparation and transportation costs, and a corresponding simplification of funds management and problem resolution.

J. D. (Denny) Carreker, chairman and CEO of Carreker Corporation, said, "This partnership with CPS and BB&T represents an important step in our company's strategy to extend our leadership position in helping banks leverage the impact of Check 21 and ongoing payments electronification. We see distributed capture, as represented by Source Capture, as an early and critical domino for banks that wish to be leaders in the payments business."