Deposit21 Electronic Check Deposit Solution Enables Check 21 Image and ARC Deposits for Payment Processors or Integrators

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Deposit21 enables remote deposits as "Check 21" image deposits or ARC transactions. It supports a variety of formats including ANSI DSTU x9.37 and X9.100-180, as well as bank-specific variants, and various methods of transmission. Deposit21’s modular architecture enables it to adapt readily to new formats and transmission conventions adopted by banks offering remote deposit, sometimes referred to as image cash letters.

Tangent Systems® (http://www.tangent-systems.com), an established provider of high-speed document processing and imaging software, today announced the availability of Deposit21™, a solution for any organization interested in remote deposit or image exchange. Deposit21 enables remote deposits as "Check 21" image deposits or ARC transactions. It supports a variety of formats including ANSI DSTU x9.37 and X9.100-180, as well as bank-specific variants, and various methods of transmission. Deposit21’s modular architecture enables it to adapt readily to new formats and transmission conventions adopted by banks offering remote deposit, sometimes referred to as image cash letters.

Deposit21 supports a wide range of deposit configurations, including multiple accounts, separate clearing and deposit accounts, or even multiple destinations and methods of transmission. Deposit21's open web service interface allows it to be easily integrated as a back-end to any system that images checks. Tangent Systems also offers complete check processing and remittance solutions integrated with Deposit21.

“We built Deposit21 from the ground up, using the latest software technologies, in order to create a robust platform that could support a variety of current and future electronic payment mechanisms seamlessly,” said Steve Mack, President of Tangent Systems. “We focused on reliability, flexibility and speed, along with key features such as virtual image endorsement, automatic alert notification, multi-currency support and image validation.”

Mack added, "Since electronic check clearing is evolving so rapidly, we built in very strong capabilities for testing and change management. As a result, Deposit21 enables users to safely conduct thorough testing of changes to user setup parameters, new clearing formats, new releases of the product, and even new sources of work sent to the product. Test transmission files can be specially marked, redirected to an alternate location, or held locally for verification. The extensive testing capabilities ease both the initial transition to electronic check clearing and future transitions to new banking relationships and technologies. To our customers, this means that they can grow and evolve smoothly without ever jeopardizing their cash flow in the process."

Compared to paper deposits, one of the advantages of Deposit21 is that it frees depositors from geographical restrictions limiting the selection of bank treasury services. "Our customers are free to negotiate the best banking deal they can find,” said Lisa Ellingwood, Vice President of Sales. “And if they find a better deal elsewhere down the road, Deposit21 is designed to transition from one bank to another with minimal effort and expense."

Ellingwood continued, "Compared to traditional two-pass solutions and paper clearing, Deposit21 helps customers take advantage of later cutoffs and improved availability. Operationally, there is also the labor savings from eliminating the second capture pass and reduced consumable usage. For some, faster NSF returns are another important benefit."

Deposit21 provides monitoring features to ensure proper system and network performance. All status, financial information and statistics are accessible through a web interface. The product maintains a comprehensive audit trail of activity and operator actions. Scheduled and event-driven notifications using RSS feeds, e-mail or pagers are also provided.

The Check 21 Act, intended to foster the growth of image exchange in the check clearing process, became effective in October of 2004. Said Ellingwood, "though the adoption of image-based clearing was initially very slow, the rate has accelerated dramatically in the last year.” According to ECCHO (Electronic Check Clearing House Organization), image-based clearing volume grew 969% between July 2005 and July 2006. Ellingwood continued, “As more paying banks continue to receive images, the costs associated with image clearing will continue to decrease. And as paper clearing volume decreases, the paper clearing fees and transit costs will invariably increase as economies of scale are lost."

About Tangent Systems®

Tangent Systems Inc., headquartered in Hoffman Estates, IL, specializes in the development of software solutions designed to process high-volume and unique or complex paper-based transactions. Founded in 1984, Tangent is well known for its proven and flexible DocuTran software, which is used on systems worldwide and has earned a reputation for quick and reliable implementation. In addition to software, the company also provides on-site training, application maintenance support and software customization tools. For more information on Tangent Systems Inc. or any of its solutions, call 847/882-3833 x406 or visit http://www.tangent-systems.com.

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Daniel Michalski
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