Synergent Queues Credit Unions for Check 21 Transitions With Branch Item Capture and Image Exchange Technologies

Business Wire, Nov 16, 2004

LAS VEGAS -- Item Processing Veteran Expects Credit Unions to Realize Immediate Check 21 Benefits

Synergent, a leading item and data processing services provider to northeast regional credit unions, has chosen image and branch item capture solutions from VSoft Corporation to enable successful Check 21 transitions for its 110 credit union customers. The software will reduce processing costs and improve operational efficiencies at Synergent. At least 30 credit unions relying on Synergent for processing services have also signed on for VSoft's branch item capture product suite, allowing a full range of imaged item processing benefits.

Since its installation of the VSoft eDesk suite of products in 2003, Synergent has transformed the way it captures share drafts, replacing film with digital images and significantly streamlining company operations. Extending these benefits to credit unions through branch item capture technologies eliminates the need for microfilm, provides the ability to balance deposits before sending to the processor, and enables online archival research.

"With Check 21 requirements looming, we've been interested in finding how we could better serve credits unions' teller deposit and image exchange needs," said Dawn Paquet, manager of check processing and support services, Synergent. "We've strongly encouraged our credit union customers to adopt branch item capture capabilities that will allow them to take full advantage of the technologies and systems we've implemented in preparation for these exciting changes in item processing."

Synergent is targeting 100 percent branch item capture adoption, now poised to enable credit unions to realize cost savings related to the physical transportation of checks, and improved efficiencies in balancing and bundling each day's check volume. Eliminating service constraints related solely to the transportation of branch capture items will also allow Synergent to broaden its regional item processing market.

"Although the advent of Check 21 is going to create broad service and savings opportunities for financial institutions, the credit union industry will drive implementation at a faster pace and at an overall lower cost," said Paquet. "As a rule, credit unions use Corporate Credit Unions or League Service Organizations as processing centers, whereas banks have to install technology solutions on a one-off basis."

Synergent also uses VSoft's eDesk Document Imaging and Research and Archive modules to create images of credit union share drafts and store them in an image archive for future retrieval. In addition, VSoft built interfaces between Synergent and its credit union customers that offer Internet banking, allowing access to check images in Synergent's archive. VSoft's eDesk family of products improves employee productivity, reduces operational costs, and allows for incremental growth through its modular design.

"VSoft has benefited from its working relationship with Synergent's innovative, service-oriented approach to item processing since 1999," said Puneet Malhotra, a VSoft Corporation executive. "As we work with Synergent and its customers during this paradigm shift in item processing, we'll focus on helping bring the benefits of item imaging and image processing to the branch level."

About Synergent

Since 1971, Portland, Maine-based Synergent has served the general business, financial and marketing needs of credit unions. Through its four divisions - Technology Services, Card Services, Print & Creative Services, and Check Processing and Support Services - Synergent enables the kind of financial stability and security credit union members expect. Understanding that credit unions are deeply affected by regulatory and legislative issues, as well as changing financial markets, Synergent monitors policy issues and marketplace changes to help credit unions respond proactively.

About VSoft Corporation

A global information and technology provider of financial solutions, Atlanta-based VSoft Corporation has been offering scaleable, flexible solutions since its inception in 1996. Led by industry experts with a proven track record in excellence, VSoft Corporation is proud of its ability to provide technology designed for easy implementation and migration from the proprietary banking systems of the past. VSoft's experienced systems integration teams ensure that every customer is met with VSoft Advantage. VSoft Corporation has multiple products, services and support that cover back office, operations, lockbox processing, Check 21 legislation, and retail functions. These solutions are designed to maximize core efficiencies while reducing operational costs. More information about the company can be found at www.vsoftcorp.com.