Source: Open Solutions
Open Solutions Inc. (NASDAQ: OPEN), a provider of integrated enabling technologies for financial institutions across the United States and Canada, announced that the Open Solutions Imaged Item Processing Center located in Windsor Locks, Connecticut successfully transmitted Image Cash Letters to Bank of America Corp. (NYSE: BAC) on Wed., May 10, 2006.
Open Solutions is the first outsourced image processor in the Northeast U.S. to offer this service in conjunction with Bank of America. This is a strategic step for the Open Solutions Imaged Payments Technology Group allowing it to offer an alternative to the Federal Reserve by enabling banks to deposit their Image Cash Letters at multiple endpoints.
"We are pleased that Open Solutions has begun transmitting Image Cash Letters to Bank of America," said Kenneth J. Trice, senior vice president, U.S. Correspondent Banking Division, Bank of America. "This further demonstrates our commitment to image, and we look forward to enhancing this process."
The Windsor Locks facility electronically processes items for banks across the country. It is a completely electronic item processing facility that receives and sends 9.37 ANSI cash letters and returns for more than 20 institutions in the U.S.
"Open Solutions' existing clients as well as our prospects have been asking that Open Solutions connect to the Bank of America network as an alternative to the Federal Reserve," said Mark Ryan, vice president and general manager of the Open Solutions Imaged Payment Technologies Group. "We listened to our clients' requests, and this new service will let banks that work with Bank of America minimize their clearing costs and add more value to the relationship."
In addition to the center in Windsor Locks, Open Solutions also operates regional item processing centers in Murrieta, Calif., El Monte, Calif. and San Leandro, Calif., and they have the capability to electronically process images for all 50 states.
"Open Solutions was the first outsourced Check 21-enabled third party vender in the United States to send an Image Cash Letter to the Federal Reserve," Ryan said. "We were also the first in District One to receive and process electronic in clearings and returns."
Open Solutions' image processing streamlines a bank's operations, optimizes workflow, enhances business flexibility and generates fee income. The Open Solutions image capture system has been in service for more than 15 years and drives a wide range of check-processing transports. This system can provide new opportunities for fee income through improved fund availability information, offer faster customer service, retain more accounts and save on monthly mailing costs.