Myriad Systems launches cheque imaging and remote deposit products

Source: Myriad Systems

Myriad Systems, Inc., an advanced developer and provider of transaction, document and item processing technology today introduced MSI Checks(e) - an all-digital, paperless, web-enabled branch capture solution that will allow financial institutions to quickly scan transaction items at the source, such as a teller or back room operator, and digitally move those items instantly within the institution or from institution to institution.

"MSI Checks(e) is totally digital - NO PAPER! MSI's advanced technology has completely eliminated the need for paper handling, sorting and transportation," said Shaun Riney, MSI president. "With our branch capture solution all transactions are handled digitally from capture to presentment to returns with no hardware. Many financial institutions are holding on to their paper sorters because they haven't been able to make the leap into the Check 21 paperless system. MSI Checks(e) gives them the ability to make that jump without massive servers or new equipment in a completely secure environment with data redundancies built in."

MSI announced MSI Checks(e) at the annual BAI Transpay Conference and Expo in Las Vegas. The BAI Transaction Conference is a major platform for the transaction and payment industry, attracting hundreds of the nation's top solution providers.

Web-enabled means MSI Checks(e) offers immediate savings because the solution is completely operated from an Internet browser and requires no costs related to server installation or maintenance.

MSI Checks(e) is a fully functional POD (proof of deposit) product with Intuitive reject-re-entry, CAR/LAR and all other POD features available and; of course, web-enabled. This branch capture solution can also create image replacement documents (IRD) and demographically expedite IRD production nationally to speed up the delivery time.

"MSI Checks(e) is a true Check 21 system because it only utilizes a digital means of transporting items. Financial institutions nationwide are finally embracing the technology, speed and convenience of electronic truncation in wide scale use. Paper financial items are quickly becoming obsolete in the race to adopt new technology. Our unique web-enabled technology allows institutions to step into the Check 21 world with minimal investment," concluded Riney. "MSI Checks(e) is an integral part of MSI's suite of Check 21 solutions including MSI Checkup, a web-enabled archive product, MSI Direct Presentment, a web-based digital exchange solution with SDS (same day settlement) and the new MSI Remote Deposit, a merchant capture solution. All are ASP.net and fully web-enabled.

Check 21 refers to the Check Clearing for the 21st Century Act approved by Congress in October 2004, allowing financial institutions to clear checks based on digital images of the original item rather than requiring the institution to present a paper item.

Separately, Myriad Systems, Inc., an advanced developer and provider of transaction, document and item processing technology today unveiled MSI Remote Deposit today; a paperless, web-enabled merchant capture solution that allows customers to scan checks and other financial document and transmit the digital images directly to financial institutions for posting and clearing.

"Financial institutions are racing to be a part of the revolution brought on by Check 21. MSI's Remote Deposit is out in front of the pack with an entirely web-enabled merchant capture product that integrates seamlessly with MSI's suite of Check 21 products," said Shaun Riney, MSI president. "Financial institutions today are very geographically dependent, operating city to city or region to region," continued Riney. "The Internet allows those institutions to be geographically independent, and MSI is seizing the benefits of this new independence, opening new markets and new customers for our clients with a web-based suite of products that take away geographic constraints truly opening a global market."

MSI Remote Deposit means better deposit availability and reduced transportation costs and risks. The web-enabled characteristic of this solution increases the speed and demographic reach of the financial institution while making item processing more convenient for the end user.

MSI's solution is scaleable to financial institutions large or small and all scanner sizes as well. Remote Deposit is also IP Independent, as it can work along side a company's current IP system without a massive conversion process.

"MSI Remote Deposit improves cash flow, increases revenue and lowers costs through improved operational efficiencies gained by eliminating traditional, cumbersome paper transactions," continued Riney. "MSI offers on-line training for all of our products, to help clients get their systems moving faster and more efficiently."

MSI's unique graphic design division can help customers customize their presentation with their logos and artwork to better reflect the individual company's business style.

MSI announced MSI Remote Deposit at the annual BAI Transpay Conference and Expo in Las Vegas. The BAI Transaction Conference is a major platform for the transaction and payment industry, attracting hundreds of the nation's top solution providers.

Check 21 refers to the Check Clearing for the 21st Century Act approved by Congress in October 2004, allowing financial institutions to clear checks based upon digital images of the original item rather than requiring the institution to present a paper item.

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