Viewpointe, the leading provider of check imaging, archiving and processing services to the nation's top financial institutions announced today that its image exchange connection with the Federal Reserve Banks is in production.
The connection provides Viewpointe customers with the ability to send and receive check images with all financial institutions in the U.S. SunTrust (NYSE: STI) is the first Viewpointe customer to take advantage of the expanded reach offered with the Federal Reserve Banks connection.
SunTrust, an industry leader in check image exchange, implemented Viewpointe's ImageShare service in 2004. "Once again we are leading the way and streamlining our check payments process by reducing paper for us and for our clients," stated Tim Sullivan, SunTrust's chief information officer. "Each ImageShare or exchange partnership we establish creates opportunities for us to enhance our products and services for our clients."
Viewpointe has consistently focused on expanding its electronic check clearing reach in order to move the industry more rapidly towards full check truncation. "Now that Viewpointe customers can reach every bank in the U.S., the momentum towards completed end-to-end electronic check processing and clearing is building," said Lou Buglioli, Viewpointe's chief executive officer.
"The Federal Reserve Banks are excited to provide our customers with access to image deposit and presentment services that can help them realize the benefits of Check 21. Our collaborations with SunTrust and Viewpointe and many other innovative organizations are leading the industry toward a more efficient and effective payments system," commented Kathleen Young, the Federal Reserve Banks' national account manager for SunTrust.
Seventy-five percent of all Viewpointe customers are actively participating in check image exchange activities. There are 12 financial institutions and four industry service providers, including the Federal Reserve Banks, currently leveraging Viewpointe for ImageShare and Pointe2Pointe, Viewpointe's check image exchange services. In April, these organizations shared or exchanged over 15.8 million check images worth over $16 billion.