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Friday, December 01, 2006
(eGistics, Inc.)
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DALLAS-(BUSINESS WIRE)-eGistics, Inc. and SortLogic SYSTEMS, a division of Omni-Soft, Inc., today announced Virtual Exchange, a highly secure, system-agnostic platform that combines best-of-breed on-demand image and data management services with component-based connectivity software to deliver a very scalable architecture for next-generation, electronic payments automation.
Designed as a conduit for electronic payments processing, the platform archives all images and data, facilitates truncation of Check 21 items at the first point of capture, accommodates any kind of source payment, and outputs images and data in industry standard formats.
With the introduction of Virtual Exchange, items from various capture sources (prime-pass, lockbox processing, and distributed capture) now can be funneled into a single exchange platform to reduce the costs and risks associated with the capture, transportation and transmission of payments. This flexibility, which leverages existing agreements between banks and their customers and correspondents, creates new efficiencies for clearing existing and emerging payment mechanisms, removes obstacles in a bank's ability to form agreements for check image exchange, and positions banks to speed Check 21 adoption among corporate billers.
"With Virtual Exchange, eGistics and SortLogic SYSTEMS are delivering a platform to help banks react more quickly to emerging Check 21 initiatives, and drive innovation in electronic payments," said Omni-Soft President Clint Shank. "Banks and their clients will benefit from lower operational and system costs, high image and data security, and unlimited scalability."
"With the advent of Check 21 and emerging electronic payment initiatives, the stakes have become significantly higher for financial services organizations," said eGistics CEO Bob Lund. "They need a flexible platform that facilitates the electronic exchange of images and data for existing and emerging payment mechanisms. By combining eGistics' on-demand infrastructure and capabilities with SortLogic SYSTEMS' connectivity software, Virtual Exchange requires no capital outlay, leverages the bank's existing IT investments, reduces duplicate capture passes, and dramatically reduces image replacement document printing."
Virtual Exchange is the only payments exchange service to combine hosted image and data archival management and delivery services from eGistics, with virtual capture, check image exchange and systems connectivity modules from SortLogic SYSTEMS. This combination of technologies and processes gives any image-enabled financial services organization the ability to import and export image and data files without changes to its existing systems. The agnostic import/export portal provided by Virtual Exchange supports multiple payment types, systems environments, transmission methods, and data and image formats, and the platform's on-demand infrastructure doesn't require a software license or payments system conversion.
This allows Virtual Exchange to facilitate image and payment clearing initiatives such as image cash letter delivery, remote image capture, image returns, automated clearinghouse reporting, accounts receivable check conversion, and electronic lockbox. It also enables emerging processes such as trusted archival, image exchange, back office conversion and image-on-demand. And Virtual Exchange expands image capture truncation by supporting bank of first deposit (BOFD) sort patterns, and providing capabilities for least-cost routing.