IA Corp. announced this morning CheckVision Advanced Positive Pay, an advanced new application that allows banks to review critical check information and input correct information and decisions to combat check and draft fraud.
With IA’s unique software features, high-volume draft customers can also maximize efficiencies by distributing and balancing work loads among employees in geographically dispersed locations throughout the company.
The new Advanced Positive Pay application leverages IA’s CheckVision Archive(TM) product. IA’s CheckVision Archive is an advanced software solution for financial institutions to store and leverage transaction information, such as check images, MICR data and credit slips. CheckVision Archive is the keystone for the transition from current banking processes to national electronic banking operations.
How It Works
With IA CheckVision Advanced Positive Pay, banks and their clients can view critical items, checks or drafts, and payment information important to combating fraud, such as item number, item amount, item date, and front and back images of checks or drafts, in real-time from their PC.
Unlike other positive pay applications, CheckVision Advanced Positive Pay allows bank clients to interact directly with the bank, supplying the necessary information to correct data errors and make pay or return decisions.
CheckVision Advanced Positive Pay also provides the ability to communicate the reasons for returning or paying an item with pre-defined codes, making it easier to collect decisions from remote locations.
Multiple Client Sites
CheckVision Advanced Positive Pay electronically transmits item images to various locations, eliminating the need for banks to collect checks or drafts in a centralized location and redistribute to the issuing branch or office.
Images can be automatically sorted and batched for each location. Also, since most organizations use dispersed or decentralized disbursement, the corporation can let each office issue items, yet still minimize the risk of fraud.
Banks can further maximize efficiencies by distributing and balancing the work load of processing suspect items and pay decisions among workers. Using the Load Leveling feature, banks can define a maximum number of items a user will get or further delineate work load by volume, dollar amount or type of work item. This allows organizations to balance the work load or take advantage of location and time zone differences.
“IA’s CheckVision Advanced Positive Pay is truly an innovative product for banks, allowing them to streamline operations, consolidate decisions and possibly reduce costs and overall write-offs,” said Terry Leger, vice president of marketing for IA. “IA’s CheckVision Archive software is the keystone to offering such new strategic products, allowing banks to store all transaction information and gain competitive advantages by offering unique new services.”
IA’s CheckVision Archive stores in electronic form all types of transaction information such as MICR data, images of checks and deposit slips, credit and cash tickets, as well as customer information including statements and credit documentation. This information is used throughout the enterprise for customer service and a host of new, innovative product-delivery concepts.
This newly introduced software is strategic to the banking industry and will lead to future applications in electronic banking, advanced cash management and Electronic Check Presentment (ECP) with image exchange.
Internally, banks can use CheckVision Archive to streamline and accelerate check-processing operations through more efficient storage and retrieval. It can also help banks respond to new challenges facing the financial services industry such as increased competition, globalization and geographic distribution.
The first IA customer to incorporate CheckVision Advanced Positive Pay is CoreStates-QuestPoint, a leading transaction and information services provider and one of the top 25 leading financial institutions in the U.S.
IA CheckVision Archive customers include Comerica, SouthTrust, Fleet and Citibank. IA will demonstrate the new CheckVision Advanced Positive Pay application, as well as CheckVision Archive, at the Bank Administration Institute (BAI) tradeshow, Booth No. 611, March 24-27, in New Orleans.
IA Corp. is headquartered in Emeryville, Calif. and listed on NASDAQIACP. The company currently sells leading archive and application software solutions for advanced banking and cash management services such as CheckVision Positive Pay and CheckVision ARP.
The company’s customers include leading organizations such as Crestar, GE Capital Mortgage Corp., Harris Bank, Mellon Bank Corp., CoreStates-QuestPoint, Sanwa Bank California, LTD., UMB, NA and Wachovia.
IA is located at 1900 Powell St., Emeryville, CA 94608-1840; U.S. Telephone 510/450-7000; Fax 510/450-7099; Email firstname.lastname@example.org; Website .
This news release contains forward-looking statements, including statements regarding the development and the availability of the complete CheckVision system. These statements involve risks and uncertainty, including without limitation the ability of the Company to complete development of the CheckVision system. Investors are encouraged to review the Company’s Form 10-K for the year ended Dec. 31, 1996 and the Form 10-Q for the period ended Sept. 30, 1997 for a discussion of additional factors that could affect the Company’s future performance.Details