City National Bank of West Virginia Cuts Costs through Check 21 compliance, Implements VSoft and the Endpoint Exchange Network Solutions

Business Wire, Oct 19, 2004

ATLANTA & OKLAHOMA CITY -- Electronic check imaging and delivery to the Endpoint Exchange Network reduce operational cost and float

VSoft Corporation, a global information and technology provider of financial solutions, and the Endpoint Exchange Network, an electronic check clearing network, announced at the VSoft User Conference in Atlanta, GA the beta testing of VSoft's Check 21 and the Endpoint Exchange Network by City National Bank of West Virginia. With more than $2.2 billion in assets and 56 branches throughout West Virginia, the implementation allows City National Bank to create electronic check images and distribute them to any of the over 3300 current image-enabled Endpoint Exchange Network members. Additionally, the Endpoint Exchange Network will facilitate the interface to Federal Reserve image customers and IRD printing services for distribution to non-image institutions, with all transactions settled by the National Clearing House (NCHA).

"Investing in Check 21 technology is not only important from a compliance perspective, but the Endpoint Exchange Network and VSoft solutions also provide substantial cost savings and improve the overall effectiveness of daily check processing," said Jeff Legge, vice president, City National Bank of West Virginia. "With each new technology implementation, we eliminate operational redundancies and manual processes and put money back in the bank."

Although City National Bank previously offered check imaging capabilities, the VSoft and Endpoint Exchange Network implementation significantly upgrades the bank's electronic capabilities at two operations centers, in conjunction with the Oct. 28, Check 21 compliance deadline.

"The VSoft Check 21 solution works quicker than most large core processing systems," said Vic Imes, vice president of sales, VSoft Corporation. "We help banks operate more effectively, while keeping technology costs to a minimum."

City National Bank also recently implemented VSoft's Remote Capture, allowing the bank to eliminate couriering paper items across the state; Returns/Chargebacks, eliminating manual operations; and IRIS, which improves the bank's read rate on proof of deposit. City National replaced and upgraded its previous check processing systems with seven products of VSoft's eDesk in 2003.

"By building on existing imaging infrastructure and industry relationships, the latest in industry automation becomes attainable for banks that might otherwise be stuck doing business the old fashioned way," said Mark Craig, general manager of CheckClear LLC, which operates the Endpoint Exchange Network. "City National Bank also helps us reach our goal of connecting to every endpoint in the nation."

About VSoft Corporation

A global information and technology provider of financial solutions, Atlanta-based VSoft Corporation has been offering scalable, flexible software 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 financial systems of the past. VSoft's experienced systems integration teams ensure that every customer is met with the VSoft Advantage. VSoft Corporation has multiple products, services and support that cover back office, operations and retail banking 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.

About the Endpoint Exchange Network

The Endpoint Exchange Network enables U.S. financial institutions to clear their check-based transactions by allowing for the exchange of check images between member institutions. The Endpoint Exchange Network is the country's first electronic check clearing network to capitalize on existing imaging infrastructure and settlement relationships, with the interoperability to connect to every endpoint in the nation. CheckClear LLC, a Metavante company, operates the Endpoint Exchange Network, www.endpointexchange.com.