We're excited about this milestone, but we're not surprised
Dallas, TX (PRWEB) December 13, 2007
Brink's, Incorporated announced today a milestone in the company's check imaging service. Just eight months after launching the service from the ground up, Brink's is now processing over 1 million items per month.
"Breaking through the one million items per month barrier is significant, particularly for an armored transportation provider," says Fred Purches, senior vice president of strategic solutions and product development. "It underscores our technology leadership and our commitment to helping financial institutions transition from paper to image processing so they can take advantage of the efficiencies and cost savings created by Check 21 legislation."
Under the Check Clearing for the 21st Century Act of 2004, popularly known as Check 21, financial institutions can now process check information electronically. In addition to minimizing the transportation costs associated with moving paper-based payments, Check 21 accelerates cash flow, promotes early detection of potential fraud, and speeds settlement.
Brink's check imaging solutions also help financial institutions compete in new markets without expanding their branch network. Combining cash processing and logistics, Web-based information tools, and armored transportation, Brink's can provide check image capture and electronic presentment throughout its network of more than 100 cash vaults around the country.
"Image capture is just part of the reason banks choose Brink's," says Purches. "Our end-to-end solution enables fully integrated cash and check processing virtually anywhere in the nation--all from one of the most trusted names in the business. This is the 'total package' many financial institutions have been waiting for."
According to the Electronic Check Clearing House Organization (ECCHO), the adoption of check image exchange is accelerating. In a 12-month period ending September 2007, the number of institutions receiving electronic check images increased 96%, from 5,585 to 10,940.
Brink's leverages Metavante's Sendpoint, an industry-leading distributed image capture service for the remote image capture and exchange of deposits and payments received at Brink's vaults. Specifically, the cash-in tickets and paper checks are truncated as they are image-captured, then the check deposits are balanced, adjusted and forwarded to the Metavante Sendpoint service where the check images are formatted as custom X9.37 files for posting or bank-to-bank image exchange. This scalable, full-service solution improves commercial customer float, provides real-time Web access to information, and reduces the costs associated with transporting and processing paper checks.
"We're excited about this milestone, but we're not surprised," says Brian Hurdis, president of Metavante Image Solutions. "Brink's cash vault service makes them a very strong national provider and they are positioned to innovate and deliver new electronic payment services to both financial institutions and high-volume corporate depositors."
Brink's check imaging services are in operation at several of the nation's top 10 banks, and the company is in discussions with several others. Adds Purches, "We are on track to service at least 6 - 10 of the top 25 banks within the next 12 months."
Metavante Corporation is redefining banking and payments to financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer health care payments, and electronic presentment and payment. Headquartered in Milwaukee, Metavante (http://www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
Brink's, U.S. is a division of Brink's, Incorporated, a global leader in business and security services that specializes in worldwide security transportation and cash logistics. Brink's, U.S. operates the nation's most extensive network of armored transportation services with more than 2,300 armored vehicles in 250 branches. For more information, visit the Brink's Web site at http://www.us.brinksinc.com or call toll-free (800) BRINKS - 5.