Queensborough National Bank & Trust Teams with Metavante for Total Check Truncation at Branch and Merchant Locations

Business Wire, Feb 5, 2008

Remote deposit capture, truncation and image exchange from bank branches and commercial sites allows bank to eliminate the expense of maintaining large sorters

MILWAUKEE -- Metavante (NYSE:MV), a leading provider of banking and payments technologies, today announced that Queensborough National Bank & Trust has achieved total check truncation at the branch and merchant locations, drastically reducing the forward collection expenses associated with check processing as well as eliminating the expense of maintaining large check sorters. Queensborough National Bank & Trust (QNB&T), headquartered in Louisville, Ga., is an independent full-service financial institution with 21 branch locations.

Scott Domach, Metavante Product Manager for Distributed Image Capture and Pat Brown, senior vice president and chief operating officer of Queensborough National Bank and Trust will be industry panelists on the "Branch Image Capture: One-on-One" session at the BAI TransPay Conference, scheduled for Wednesday, Feb. 6, 2008 at 10:15 a.m. at the Gaylord Texan Resort and Convention Center in Grapevine, Texas.

"Over the past year, QNB&T has invested in new remote deposit capture and check imaging solutions from Metavante, such as merchant capture, back-counter branch capture and check image exchange," said Pat Brown, senior vice president and chief operating officer of QNB&T. "By moving image capture out to the transaction source, QNB&T has improved service and achieved significant operational efficiencies and competitive advantages, including the acquisition of several new commercial clients."

Metavante Sendpoint Merchant is a managed service offering for merchant capture that provides QNB&T and its commercial customers with a cost-effective alternative to acquiring, installing, and managing merchant capture technology on site. Sendpoint Merchant receives check images and data captured at remote customer business locations and forwards the information to QNB&T's central processing site for immediate updating, posting, and bank-to-bank image exchange. Sendpoint Merchant allows QNB&T's commercial customers to reduce the time spent on deposit preparation and paper handling, while lowering transaction costs and eliminating daily trips to the bank.

Sendpoint Merchant is helping to strengthen the relationship between QNB&T and its commercial customers through increased convenience and cost savings. Sendpoint Merchant has allowed QNB&T to extend deposit cutoff times for customers, and, along with the enactment of the Check 21 Act, has positioned QNB&T for total check truncation at the commercial or merchant location, drastically reducing courier costs and all the associated forward collection expenses.

Metavante's DirectBranch: Back-Counter product has helped QNB&T improve branch transaction processing while reducing back-office processing costs. Teller transactions are image-captured and balanced before they leave the branch, allowing truncation and image exchange to make item processing operations more efficient.

Connectivity to the Federal Reserve and the Endpoint Exchange Network for nationwide check image exchange allows QNB&T to exchange check images rather than paper checks for clearing and settlement. QNB&T is deploying Metavante's xChange for the Fed product, which provides sending and receiving connection to the Federal Reserve Bank of Atlanta, where it is now depositing image cash letters through Endpoint Exchange. The Federal Reserve Bank then forwards these items for presentment to the paying banks as images or substitute checks. This capability allows QNB&T to transmit electronic images of checks, reducing and ultimately eliminating the need to transport the physical items. Image exchange has improved next-day availability to almost 100 percent and QNB&T consistently meets the Fed's earliest cutoff deadline for outgoing cash letters. Each month, QNB&T reduces its per-item costs as more electronic receivers of check images come on-line with the Fed and Endpoint Exchange.

"Metavante is an industry leader in remote deposit capture and check image exchange solutions for financial institutions across the country," said Brian Hurdis, president, Metavante Image Solutions. "Helping our clients position themselves for success in today's electronic payments environment is the driving force behind our technology. Top community banks like QNB&T realize the need to exploit the full value of images to reduce operational costs, eliminate overhead and to control new transaction revenue with quality imaging solutions."

Metavante Image Solutions provides comprehensive solutions that help banks and businesses transition from paper to electronic payments and image processing. Solutions that can be delivered either in-house or outsourced include distributed capture, check and remittance processing, fraud detection, and document and report management. Metavante's clients encompass banks and corporations of all sizes worldwide from de novo banks to the largest financial institutions and corporations.