ARTICLES
&
PRESS RELEASES
Bank of New York and ImageScan Payment Processing - As Featured in American Banker, US Banker, Bank Technology News and AFP Exchange Magazine.
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Business and Technology
Cleveland Press.com
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- KeyCorp
- 127 Public Square
- Cleveland, OH 44114
- CONTACT: David L. Reavis
-
216.689.4250
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David_Reavis@keybank.com
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- KEY
MEDIA
- NEWSROOM:
www.key.com/newsroom
- FOR IMMEDIATE
RELEASE
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KEYCORP LAUNCHES LOCKBOX IMAGING PRODUCT
Product Provides Enhanced Paperless Accounts Receivable Technology
CLEVELAND, August 6, 2002 – KeyCorp announced today it has launched a new lockbox imaging product, enabling users to more effectively utilize and process accounts receivable data and images. The product was introduced in conjunction with the completion of Key’s multi-million dollar lockbox platform upgrade project.
Key2Image Lockbox, an electronic-based product that provides users with digital images of checks and other documents, offers more timely payment reconciliation, reduced back-office storage needs and better document image clarity. Currently, the product is available to clients in a CD-ROM format. A real-time, Internet-based imaging option will be introduced in the coming months through Key’s cash management treasury portal, KeyTotalTreasury. Future enhancements planned include the ability for clients to receive a direct transmission of images. The imaging product is available at each of Key’s four Wholesale Lockbox processing sites, located in Cleveland and Cincinnati, Albany, N.Y., and Tacoma, Wash.
With the new image product, multiple users can review images of lockbox records daily, weekly or monthly. Additionally, users will enjoy the added benefit of flexible search options. Check images, for example, can be retrieved using routing and transit number, deposit date, check serial number or check payment amount.
“We’re thrilled to offer this best-in-class technology to our clients,” said Debra McCart, lockbox product manager, Key Global Treasury Management Services. “This latest enhancement to our Wholesale Lockbox product allows us to continue to meet the growing needs of our current and prospective customers.”
The lockbox imaging product is the result of a recently completed multi-year nationwide project to install a state-of-the-art lockbox platform in all processing sites. This new technology enabled the immediate integration of the image-delivery solution. Nearly 3,000 lockbox clients were converted to the new platform. ImageScan, Key’s vendor partner since 1996, is providing its RemiTrac payment-processing platform as the foundation of the new system.
ADD ONE – KEY INTRODUCES LOCKBOX IMAGING PRODUCT
ImageScan, Inc. is a leading provider of innovative application solutions for the end-to-end processing of customer payments. The company, headquartered in Lanham, Maryland, is best known for providing scalable, flexible and feature-rich financial software systems to banks requiring stable platforms for corporate accounts receivable processing solutions. The company offers a complete suite of Windows NT-based products for wholesale, wholetail and retail lockbox processing, and high-speed remittance processing. For more information on ImageScan or RemitTrac, contact ImageScan at (301) 306-0700, or visit the company’s Web site at www.iscanit.com.
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $83 billion. Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through KeyCenters and offices; a network of approximately 2,300 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com,Ò that provides account access and financial products 24 hours a day.
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Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.
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Banking On Payment Processing By integrating high accuracy rates and flexible architecture, ImageScan, Inc. won the trust of a $200 billion bank with receivables management for its most valued customers.
Business Solutions, April 2002
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As an integrator and software developer specializing in payment processing and receivables management, ImageScan, Inc. (www.iscanit.com) (Lanham, MD) works with any number of businesses that accept payments. ImageScan has established a presence in the banking vertical market and is pursuing similar opportunities in utilities and insurance. While most of us tend to think of banking on a consumer level, ImageScan also addresses banks' B2B needs. "Although a bank might farm out consumer payments," contends Hanna Jabbour, ImageScan's product manager, "they rarely farm out B2B because of the relationships involved." Those relationships are much more than the typical customer expects from a bank, mainly because the relationships are so much more valuable. For instance, a Fortune 500 company might hire a bank like Fleet Bank (Providence, RI) to track all of its incoming payments. However, this service extends beyond providing account balances to maintaining a full record of all documents related to a transaction. In other words, a widget manufacturer might be expecting a $10 million check from a retailer, but only receives $9 million. The $1 million difference will prompt a call from the manufacturer to the bank. The bank must be able to find the document from the retailer explaining how some products were sent back or found defective. Unlike you or me, that manufacturer isn't going to speak to a teller. An account like that is the initial responsibility of one of the bank's vice presidents. Begin The Sales Cycle Early And Win Trust According to Jabbour, Fleet chose ImageScan because the bank's priorities were reducing errors and labor costs with a solution that was scalable enough to accommodate growth and to be rolled out to six additional sites in the following year. "As one of their large clients, I might be able to tolerate a small error once or twice, but that's not going to last long," says Jabbour. "While you can't always assign a dollar to it, there is value to accuracy and customer service." However, Jabbour cites a study one bank conducted that found that fixing an encoding error costs between $200 and $300. Flexible Products Leave Door Open For Future Upgrades Previous to installing RemitTrac, Fleet was using an aging system that didn't have the full range of functions that current processing products can provide. All of the images were handled manually. In other words, they were scanned, but the data entry to the accounting system was manual and there was no workflow component for routing documents. From hardware delivery to full conversion of the first site took about three months, including setup and training. Generally, training on just the wholesale (B2B) application takes about a week. An additional two to three week's training is often needed for both the Captiva and workflow functions. If a bank opts to incorporate retail/remittance (business to consumer) processing, or upgrade to wholetail (an integrated solution for both B2B and B2C), another two to three weeks of training could be necessary. "Training is always an issue with this kind of product," says Jabbour. "Fleet has more than 2,000 customers per site that are handled by our software. In environments where there are that many tasks, it is important to develop tools that are simple enough for the end user to modify as needed. Otherwise, there would be a request for a change coming in every other day." On the other hand, Jabbour says customers are advised to call whenever they are unsure about making a change. "We'd prefer to get that call to having to get them out of trouble." In the first months after a similar solution went live at RemitTrac's first site, the bank was able to double the volume of payments processed with the same number of employees. As a result, documents entered the system faster, and customers could access them sooner. Simultaneously, the number of errors decreased, which was a critical requirement in an environment with high-value transactions. As Jabbour points out, the telephone company won't be too upset if your $78 check is read as $73, but a client whose $18 million check clears the bank at $13 million will be. |
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National
City®
NEWS RELEASE
For Immediate Release
Contact:
Terri Wilson
Media Relations
(502) 581-4073
National City Offers Clients New, State-Of-The-Art Accounts
Receivable Processing
National City is first bank to integrate a unique combination of image
technologies in providing customers with a seamless accounts receivable solution
CLEVELAND, September 12, 2001—National City Corporation (NYSE:NCC) announced today that it has selected a sophisticated suite of technology providers as the remittance processing and image archive solution for its Cleveland and Chicago Accounts Receivables Centers. National City’s unique integration of the latest and best image platform components enables the bank to provide clients with comprehensive Accounts Receivable processing and posting options in a single seamless implementation.
ImageScan’s RemitTrac payment processing platform will provide National City Bank’s clients with accounts receivable check, invoice and document images and data capture; NCR’s new iTRAN series of image transports will provide the fastest remittance processing available; and Hyland Software’s OnBase image archive and delivery solution will bring immediate access and viewing of archived check and document images.
“We are very excited and believe this significant investment in technology meets the growing needs of our traditional paper-based lockbox clients and future clients,” said Mary Ann Francis, National City senior vice president of corporate banking business solutions. “Our integrated approach enables clients to transition to a broader use of data capture, image capture, and archive retrieval for their receivables posting solutions. This positions National City as a partner with our clients and as a value-added solutions provider.”
Scheduled for introduction next summer, National City’s integrated Accounts Receivable implementation will include a wide range of remittance data and invoice image capture services.
Image
detail will be available via the delivery of CD-ROMs, direct transmission of
image captured content, and through exact4web,
National City’s
Internet-based suite of treasury management products.
National City’s exact4web
electronic product line offers clients treasury services that help manage
working capital efficiently, effectively, and profitably while using the power
of the Internet to transfer funds, export data, initiate transactions, review
account information, and more.
About National City
National City Corporation is a $94 billion financial
holding company headquartered in Cleveland, Ohio.
Through its subsidiaries, the company provides a full range of financial
services including investment banking and traditional banking services to
individuals and businesses, commercial and retail banking, consumer finance,
asset management, mortgage financing and servicing, and item processing.
National City has offices in Ohio, Pennsylvania, Indiana, Kentucky,
Illinois, and Michigan. National
City can be found on the World Wide Web at www.nationalcity.com.
About ImageScan
ImageScan, Inc. is the nation’s leading provider of advanced payment processing software. The company, headquartered in Lanham, Maryland, is best known for providing scalable, flexible, and feature rich financial software systems to banks requiring stable platforms for corporate accounts receivable processing solutions. ImageScan’s products feature modules to assist the processing centers in providing the most efficient, accurate, and timely services to their customers. These include float analysis, integrated forms processing, data capture and correction, delivery interface, and the most advanced systems in recognition technology available today. More information about ImageScan can be found at www.iscanit.com.
About
NCR
NCR Corporation (NYSE:NCR) is a leader in providing Relationship Technologyä solutions to customers worldwide. NCR’s Relationship Technology solutions include the Teradataâ database and analytical applications for customer relationship management (CRM) and business performance management, store automation systems, and automated teller machines (ATMs). The company’s business solutions are built on the foundation of its long-established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and leading edge hardware technology. NCR employs 33,200 in more than 100 countries and is a component stock of the Standard & Poor’s 500 Index. More information about NCR and is solutions may be found at www.ncr.com.
About
Hyland
Hyland Software, Inc. develops OnBase, enterprise software that offers the full spectrum of integrated document management capabilities in a single, web-based application. Of Hyland’s 2,250 customers, more than 50 percent are financial institutions utilizing OnBase to streamline operations, reduce costs, and share information with employees, partners, and customers. One of the fastest growing companies in the document technology industry, Hyland Software has been named to both the Inc. 500 and the Deloitte & Touche Technology Fast 500 each of the last two years. The company, with more than 150 employees throughout offices in the United States, Latin America, and Europe, is headquartered in Cleveland, Ohio. Visit www.onbase.com for more information.
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| News: For
Immediate Release August 01, 1999 |
Contact:
|
- ImageScan’s Sophisticated Workflow Tool
- Reduces Errors, Eliminates Paper Handling
DENVER, August 1, 1999 – Organizations looking for ways to eliminate errors and reduce the labor required for the back-office processing of data from payments and other remittances will find a solution with SmartFlow, a sophisticated new component for ImageScan Inc.’s RemitTrac payment processing platform. ImageScan unveiled SmartFlow here at The Association for Work Process Improvement’s annual conference.
SmartFlow, an optional module for ImageScan’s Windows NT platform, automates the process of entering into a database information written on remittance documents such as those used for subscriptions, memberships, donations, catalog orders, and utility payments. "The applications for SmartFlow are far reaching," said ImageScan CEO Andrew Lindseth, who participated on a future forum panel at the TAWPI show. "Almost all payment types can be joined to customer information-gathering efforts."
The powerful and innovative software automatically sends to pre-defined queues images of documents with information written or typed in specified zones. Other remittance and lockbox solutions merely out-sort these documents for later handling, an inefficient process that leads to misplaced documents and delays in updating information.
But SmartFlow seamlessly presents to operators images highlighting fields required for entry, such as change of address requests, amount, account number, and date. Users also can configure field types tailored to meet their processing requirements. "Prior to now, a separate investment in a data entry department, with a separate data entry system investment, was required to accomplish these tasks," Lindseth said.
SmartFlow also can eliminate manual data entry by automatically populating a database with pre-defined strings tied to various field results. "At ImageScan, we constantly work to solve the labor issue that has gripped our industry. SmartFlow helps enormously by intelligently delivering data values without manual keying," said ImageScan Marketing Director Mark Brousseau, who moderated a panel discussion at the conference on the convergence of forms and remittance processing. "In addition, any time operators are asked to key data, there is the issue of errors."
Field entry from image can be configured as a requirement for zones or fields with hard-to-decipher data, missing information, or instances where respondents appear to have provided more than the acceptable number of answers to an item.
"The beautiful thing about all of this is that capturing data at a minimal cost offers lockbox providers another avenue for increasing revenues," said ImageScan Product Manager Hanna Jabbour, a speaker at the conference. "Many providers, especially in financial organizations, avoid traditional data entry keying work in remittance processing because they don’t think they can be competitive with specialized data entry shops. By automating so much of this effort, these organizations are now in a position to compete."
Another distinguishing feature of SmartFlow is that zone and field configuration and testing can be done entirely from image using an intuitive user interface, drag-and-drop boxes, and pop-up menus. "Traditional mark sense products force processors to measure fields on paper documents using a millimeter ruler," Lindseth said. "This is a tedious process that often requires a great deal of testing and revision. With SmartFlow, it takes just a few minutes for users to set up fields customized to their processing needs."
Four ImageScan customers have committed to installing SmartFlow.
For more information on ImageScan, RemitTrac or SmartFlow, contact ImageScan at (301) 306-0700, or visit the company’s web site at www.iscanit.com.
ImageScan Inc.
Since 1993, ImageScan has grown to become a leading provider of high-performance imaging solutions for the end-to-end processing of consumer and business-to-business payments. The company offers a complete suite of Windows NT-based products for wholesale, wholetail and retail lockbox processing, and high-speed remittance processing. It has successful implementations in dozens of operations sites nationwide.
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| News: For
Immediate Release November 15, 1998 |
Contact:
|
- Banks Eye Wholetail Processing To
- Cut Costs, Expand Product Offerings
Orlando, November 15, 1998 – Expect growing demand for integrated retail and wholesale lockbox solutions from banks looking to expand their product offerings, maximize returns on technology investments, and reduce the amount of work requiring manual processing. That was the prediction from representatives of ImageScan Inc., a leading provider of scaleable solutions for processing consumer and corporate payments, during a presentation at the 19th Annual Treasury Management Conference here.
"Financial institutions are moving into wholetail processing like never before," said Mark Brousseau, marketing director at Lanham, MD-based ImageScan. "Most organizations are under increasing pressure to streamline their operations by processing their retail and wholesale lockbox work using the same software, hardware, and staff."
"Even though opportunities for volume growth are bigger than ever before," he continued, "check processors are facing enormous price competition. Successful players are using wholetail not just for exception volume but also to squeeze bigger margins from processing wholesale and retail types of work together. It’s just more efficient."
ImageScan has positioned itself for this demand with RemitTrac, its advanced payment processing platform with standalone or fully integrated components for remittance, retail lockbox, wholesale lockbox and wholetail lockbox processing.
"The line is blurring between retail lockbox, which traditionally was high volume, low-dollar work with very little data entry or post processing, and wholesale lockbox, which was typically lower volume, high-dollar work requiring a lot of data entry and hands-on attention," said Hanna Jabbour, product manager at ImageScan.
"With wholetail processing, banks can tailor their product to each lockbox client," Brousseau said. He sees much of the wholetail demand coming from the insurance industry, where firms require invoice data entry for explanation of benefits, and the transportation sector, where companies process driver logs and proof of delivery forms.
Key Bank, the banking unit of Cleveland-based KeyCorp, is installing RemitTrac’s image-based wholetail component in its Albany, NY and Tacoma, WA lockbox operations. The bank already uses ImageScan’s wholesale lockbox system.
Developed using the industry standard Windows NT open architecture, RemitTrac gives users unprecedented flexibility for: adding hardware such as servers and transports as volumes grow; tailoring processing rules for different lockboxes and remittance types; and leveraging mark sense and courtesy amount recognition (CAR) technologies.
RemitTrac’s unique framework allows users to seamlessly process mixed transaction types – full and partial pays, multiples, checks-only and stubs-only – reducing pre-sorting of incoming mail. The system even prints images for check-only transactions.
And, RemitTrac features state-of-the-art, user-configurable workflow controls that eliminate costly programming for most parameter changes made to the system. Best of all, most configuration issues are handled by simple, menu-driven question screens.
"One complaint that we’ve heard over and over again is that users are tired of spending thousands and thousands of dollars, and having to wait several weeks, or even months, for their vendor to change their lockbox system’s setup," said Jabbour.
"Our system slashes the time needed to set up accounts by providing a consistent, user-intuitive interface across all lockbox accounts, and allowing operators to copy and ‘cut and paste’ processing requirements between similar accounts," Jabbour said.
The system runs on all image-enabled check sorters from Unisys and NCR.
ImageScan Inc.
Since 1993, ImageScan has grown to become a leading provider of high-performance imaging solutions for the end-to-end processing of consumer and business-to-business payments. The company offers a complete suite of PC-based products for wholesale and retail lockbox processing, and high-speed remittance processing. It has successful implementations in dozens of operations sites at financial institutions nationwide. For information on ImageScan products, call (301) 306-0700 or fax (301) 306-9646.
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| News: For
Immediate Release July 12, 1998 |
Contact:
|
- ImageScan Unveils Innovative Payment Platform
CHICAGO, July 12, 1998 – Processors looking for new ways to boost productivity, improve quality and reduce per-item costs will find a solution in RemitTrac, a Windows NT payment processing platform unveiled by Lanham, Md.-based ImageScan Inc. here at The Association for Work Process Improvement’s (TAWPI) conference (booth #629).
The system includes components for high-speed remittance and retail lockbox. ImageScan will target RemitTrac to financial institutions, tax processors, government organizations, utilities, telecommunications firms, and third-party remittance processors.
"With RemitTrac, ImageScan has delivered the robust, multi-functional payment processing solution that the market has been calling for," said ImageScan Vice President of Development Lucie Johnson. "New levels of competitive pressures are forcing processors to invest in low-risk, modern technology that will provide new fee-generating products, the ability to court clients – such as charities – that have non-traditional retail work, and faster account setup. Users can’t help but save money with RemitTrac."
Developed using the industry standard Windows NT open architecture, RemitTrac gives users unprecedented flexibility for: adding hardware such as servers and check sorters as volumes grow; tailoring processing rules for different lockboxes and remittance types; and leveraging mark sense and courtesy amount recognition (CAR) technologies.
RemitTrac’s unique framework allows users to seamlessly process mixed transaction types – full and partial pays, multiples, checks-only and stubs-only – reducing pre-sorting of incoming mail. The system even prints images for check-only transactions.
And, RemitTrac features state-of-the-art, user-configurable workflow controls that eliminate costly programming for most parameter changes made to the system.
"One complaint that we’ve heard over and over again is that users are tired of spending thousands and thousands of dollars, and having to wait several weeks for their vendor to change their system setup," said ImageScan Product Manager Hanna Jabbour.
"Our system slashes the time needed to set up accounts by providing a consistent, user-intuitive interface for both retail and wholesale accounts, and allowing operators to copy and ‘cut and paste’ processing requirements between similar accounts," Jabbour said. "We invite processors to bring us work from any of their lockbox accounts to see how much faster account setup is with RemitTrac than with their existing system."
The system runs on a range of check sorters from Unisys Corp. and NCR Corp.
RemitTrac leverages many of the proven features of ImageScan’s image whole-sale lockbox system, along with the vendor’s expertise with non-image retail lockbox. For the past five years, ImageScan has supported nearly 100 non-image retail lockbox and remittance sites that use a first generation, Unisys-based software product.
RemitTrac’s Windows NT retail lockbox component is in live production at M&T Bank in Buffalo. ImageScan also will begin installing the product at Cleveland-based Key Bank’s Albany, NY, and Takoma, WA, operations centers later this summer.
Additionally, the vendor is developing Windows NT wholesale lockbox and wholetail components for the RemitTrac platform. ImageScan’s wholesale lockbox system now runs on the IBM OS/2 operating system at dozens of operations sites.
ImageScan Inc.
Since 1993, ImageScan has grown to become a leading provider of high-performance imaging solutions for the end-to-end processing of consumer and business-to-business payments. The company offers a complete suite of PC-based products for wholesale and retail lockbox processing, and high-speed remittance processing. It has successful implementations in dozens of operations sites at financial institutions nationwide, including Chase Bank of Texas, First Chicago NBD and Key Bank. ImageScan’s flexible solutions framework uses integrated software and hardware components from leading providers such as Unisys, NCR, Mitek Systems, Formware and Macrosoft. For more information on ImageScan products, call (301) 306-0700 or fax (301) 306-9646.
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| News: For Immediate
Release June 22, 1998 |
Contact:
|
- ImageScan Expands Sales and Marketing Staff
- To Stay Ahead of Soaring Imaging Demand
LANHAM, MD, June 22, 1998 – ImageScan Inc., a leading provider of PC-based image solutions for processing consumer and corporate payments, has expanded its sales and marketing staff to keep in front of growing demand for automated processing systems.
"This move will help us keep pace with soaring demand for image solutions and the anticipated interest in our new remittance and lockbox platform," said ImageScan President Tom Scott. ImageScan already has grown more than 300 percent since 1993.
The company will officially unveil its Windows NT image remittance and retail lockbox platform, called RemitTrac, at The Association for Work Process Improvement (TAWPI) conference, July 12-14 at Chicago’s Navy Pier. Coinciding with the launch, Mark Brousseau and Joe Magas have joined ImageScan’s sales and marketing team.
Brousseau is ImageScan’s new marketing director, responsible for the company’s publicity, trade shows, marketing literature, Web site content, and strategic marketing programs. He also will be a regional sales manager for the Western United States.
Brousseau previously was vice president of marketing at Oklahoma City-based Image Systems International, Inc. (ISI), where his duties included sales support, press relations, customer consulting, and oversight of the company’s marketing materials and World Wide Web site. Prior to joining ISI, Brousseau was senior editor of Item Processing Report, a biweekly trade journal covering the payment processing market.
A member of the board of directors for the Mid-Atlantic chapter of TAWPI, Brousseau is a frequent speaker at industry events. He and Bob Kirk of Dallas-based Enterprise Consulting, Inc. will be presenting a session at next week’s TAWPI conference on the second generation of image and payment processing applications.
Magas is ImageScan’s new regional sales manager for the southeast and the midwest. Before joining ImageScan, he was an assistant vice president at Huntington Bank where he managed the bank’s Cleveland wholesale lockbox operation, and oversaw its successful conversion to the automated ImageScan solution from a manual processing environment. "It is exciting to represent a product that performed so well in my own operations center at Huntington," Magas said. Magas moved last year from his operations management position to cash management sales at Huntington.
Magas started his career in banking at the Federal Reserve Bank of Cleveland’s operations center, where he spent 11 years in item processing. "Joe’s excellent banking background and his expertise with our system will be valuable assets to our sales efforts," Scott said. A Certified Cash Manager (CCM), Magas will be based in Cleveland.
ImageScan Inc.
Since 1993, ImageScan has grown to become a leading provider of high-performance imaging solutions for the end-to-end processing of consumer and business-to-business payments. The company offers a complete suite of PC-based products for wholesale and retail lockbox processing, and high-speed remittance processing. It has successful implementations in dozens of operations sites at financial institutions nationwide, including Chase Bank of Texas, First Chicago NBD and Key Bank. ImageScan’s flexible solutions framework uses integrated software and hardware components from leading providers such as Unisys, NCR, Mitek Systems, Formware and Macrosoft. For more information on ImageScan products, call (301) 306-0700 or fax (301) 306-9646.
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- Payment Processing Without Limits
- Copyright © 1998,1993 ImageScan, Inc. All rights reserved.