Alogent Corporation Unveils xClearing - Sierra xClearing banking software for XML-based electronic payments - Product Announcement

Edge: Work-Group Computing Report, March 13, 2000

Alogent Corporation, a provider of innovative payment processing solutions to large financial institutions, Wednesday announced its ground-breaking Sierra xClearing solution, which integrates branch data capture with central clearing operations for banks transitioning to electronic payments.

xClearing, which is Internet-based, is unique to the industry in that it was developed specifically to enable large financial institutions to streamline operations, improve customer service, and develop new revenue streams. The xClearing solution is fully scalable and utilizes the flexibility of XML in conjunction with the Internet to provide financial institutions with the most dynamic payment processing capabilities on the market today.

"xClearing enables convergence in banking via Internet-accelerated transactions, bringing item processing to the point of deposit," said Brian Geisel, CEO and founder of Alogent. "The solution eliminates central operations 'choke points' and provides improved quality, later closing hours, and reduced fraud. Additionally, xClearing allows banks to deliver the sophisticated mix of services their customers expect: web-based account information, immediate funds verification, same-day account posting, and VIP amenities. All of this translates into greatly enhanced customer service."

xClearing was designed as a strategic payment processing platform. Its multi-tier, distributed architecture provides "detachable" legacy host interfaces and solution implementations via a single-source, high-speed, high-volume, payment processing engine. With xClearing, clients can migrate their current systems to a low-cost Windows NT/SQL database architecture in step with their changing business requirements.

Built upon the same foundation as the company's traditional workflow payment solution, xClearing capitalizes on the platform's complete scalability across all hardware device and database requirements. This scalability is essential to the successful integration of mission-critical operations when consolidating large-scale central clearings and widespread branch networks.

A core feature of xClearing is its extremely high-volume transaction processing. The product was designed specifically to process both paper and electronic items in an environment that handles upwards of three million documents per day.

More than a legacy solution, xClearing is also an e-commerce enabler. The solution provides flexible, intermixed paper-plus-digital workflows to help the bank transition its payment processing operations toward an end-to-end electronic workflow. When used in conjunction with Alogent's electronic and paper eList Compare, xClearing integrates branch data capture with central clearing operations by eliminating redundant data entry processes and truncating paper items at the branch.

Powerful user-configurable business rules control the data matching engine. Open interfaces at both the customer point of service and the branch back office give the bank many options to accommodate converging payment technologies, such as a mix of payment transaction capture devices (MICR and/or image) at the teller window and in the branch back office. The branch front office workflow enables the teller to accept smaller POD transactions, giving the customer a balanced transaction receipt and responding to inquiries at point of service. Larger commercial transactions can be image captured and balanced in the branch back office workflow.

And xClearing supports internal document truncation, which eliminates the need for credits and cash tickets in central clearings, on-us truncation, which removes items drawn on the depository bank from the paper stream, and transit truncation, for those institutions which allow inter-bank truncation.

Geisel added that the most significant benefit of xClearing is a strategic one: positioning the bank for the opportunity to move to an all-electronic payments platform. "Through our user-defined business rules, exception workflows, and Microsoft DNA architecture, xClearing provides a single payments and billing solution specifically designed to handle transitioning payments. We relish mission-critical, high-speed, high-volume processing operations. This kind of foundation is required for fast and efficient inputs and outputs to the Internet applications that banks must offer to retain existing customers and attract new ones."

Products which employ the Sierra Clearing payments processing engine:

-- Sierra xClearing - Enables the transition to all-electronic payments with inter-mixed paper electronic workflows.

-- Sierra Clearing - Brings image POD and exception-focused workflows to open up legacy systems embedded in a financial system's operations.

Headquartered in Atlanta, Georgia, USA, Alogent Corporation (formerly Geisel Software Ltd.) provides software development and computer consulting services to financial and billing industries worldwide. The company's Sierra Clearing open architecture family of payment processing software applications provide premier flexibility and cost-effective solutions based on Microsoft Windows DNA and SQL Server Database technology. Alogent's sterling reputation among its customers attests to high-quality software and services specifically designed to continuously improve the efficiency of item processing services. FMI: www.alogent.com.