Trustmark National Bank processing both incoming and outgoing image cash letters
Metavante Corporation, the technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Trustmark National Bank has begun live processing with two of Metavante’s premier image exchange solutions. Headquartered in Jackson, Mississippi, Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation.
After a thorough competitive evaluation, Trustmark National Bank selected Metavante’s VECTOR: ImageEX™ and VECTOR: IQA™ to gain the operational and financial benefits of processing incoming and outgoing Image Cash Letters, as well as image-based items received from remote deposit capture locations.
After a thorough competitive evaluation, Trustmark National Bank selected Metavante’s VECTOR: ImageEX™ and VECTOR: IQA™ to gain the operational and financial benefits of processing incoming and outgoing Image Cash Letters, as well as image-based items received from remote deposit capture locations.
Image Cash Letters are a collection of deposited check images transmitted electronically to Federal Reserve Banks or correspondent banks for presentment to the paying banks as images or substitute checks. Image Cash Letters reduce the transportation infrastructure needed to move paper checks, speeding the availability of funds by sending electronic images for check processing. Image Cash Letters also reduce check fraud by accelerating return item notifications, meeting a crucial need for businesses and financial institutions.
VECTOR: ImageEX and VECTOR: IQA go beyond traditional Image Cash Letters, providing Trustmark with additional capabilities such as duplicate cash letter and bundle detection, and deadline editing – to ensure that items are accurately sent on schedule. Since not all endpoints will be "image exchange ready," the VECTOR solutions can also create Image Replacement Documents (IRDs).
VECTOR: ImageEX and VECTOR: IQA go beyond traditional Image Cash Letters, providing Trustmark with additional capabilities such as duplicate cash letter and bundle detection, and deadline editing – to ensure that items are accurately sent on schedule. Since not all endpoints will be "image exchange ready," the VECTOR solutions can also create Image Replacement Documents (IRDs).
"Trustmark is now processing incoming remote capture X9.37 Incoming Cash Letters rather than just printing IRDs for these items," said Nick Anderson, senior vice president, Trustmark National Bank. "We’ve also begun sending transit items as outgoing image cash letters to the Fed and several regional banks. VECTOR: ImageEX and VECTOR: IQA are helping Trustmark automate receivables and shorten the traditional clearing and settlement process, and best of all, we have so far accomplished this with no errors or rejects."
"The strong momentum for image exchange continues to build across the country," said Brian Hurdis, president, Metavante Image Solutions. "Metavante Image Solutions was one of the first to bring image exchange solutions to the market and we remain a leader in driving the financial services industry to a more efficient environment for processing electronic payments."
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 in-house or outsourced include distributed capture, check and remittance processing, fraud detection, and document and report management. Customers encompass banks and corporations of all sizes worldwide from de novo banks to the largest financial institutions and corporations.
About Trustmark Corporation Trustmark is a financial services company providing banking and financial solutions through over 150 offices and 2,700 associates in Florida, Mississippi, Tennessee and Texas. For additional information, visit Trustmark’s website at www.trustmark.com.
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