OPEN SCAN® Reduces Dependence on Lockbox at Four Fortune 500 Corporate Clients with New Wholesale Automation Solution

Business Wire,  Oct 30, 2007  

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DENVER -- Open Scan Technologies, Inc. (OPEN SCAN[R]), the leader in providing automated receivables solutions, has entered into agreements with four Fortune 500 corporations to deliver the company's RedCap[TM] Corporate suite. The corporations are in industrial products distribution, electrical components distribution, transportation and agribusiness.

Corporations are increasingly analyzing their internal and outsourced accounts receivable, deposit, and cash application processes, discovering inefficiencies and unnecessary costs related to their traditional lockbox relationship. OPEN SCAN[R] allows corporations to realize significant operational savings by minimizing their dependence on a bank lockbox relationship and reducing the number of staff dedicated to correcting lockbox errors and posting cash to the accounts receivables system.

"The wholesale bank lockbox industry is struggling to maintain healthy margins as it relates to their data capture service offerings," said Nadine Lange, OPEN SCAN[R] President and CEO. "RedCap[TM] Corporate introduces a new solution paradigm for corporations of virtually any size and payment environment providing them with the options they need to manage their receivables more efficiently."

Traditional wholesale lockbox data capture services are largely manual, slow and inaccurate. The main benefits of the RedCap[TM] Corporate Solution are: elimination of lockbox keying fees, reduction of internal resources for cash application, and same-day posting of receivables information. These benefits are achieved through the company's innovative auto-data capture and intelligent A/R matching technologies. RedCap[TM] works seamlessly with any legacy or mainstream A/R system including SAP, Oracle and PeopleSoft. For corporations that receive payments at distributed operation points as well as at a central lockbox, OPEN SCAN[R] offers a flexible and scalable desktop remote deposit capture and wholesale remittance processing solution that is integrated with RedCap[TM] Corporate.

About OPEN SCAN[R]

Open Scan Technologies, Inc. (OPEN SCAN[R]) is a premier provider of modular and highly scalable receivables processing solutions that extend the functionality of remote deposit capture and wholesale lockbox. The company's flagship product, RedCap[TM], delivers the convergence of electronic check deposit, remittance processing, forms processing and cash application, all at the desktop. Corporations, financial institutions and government agencies of virtually any size realize the highest levels of automation, data accuracy and operational savings for their receivables processing environments.

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