3i Infotech to Exhibit Full Suite of RDC Products in Booth #19
Blue Bell, PA - September 28, 2010 - Two 3i Infotech customers, Edward Jones and Conestoga Bank, will present the business case for remote deposit capture (RDC) at the RDC Summit this week. The event will be held tomorrow and Thursday at the Omni Orlando ChampionsGate in Orlando, Fla. 3i Infotech, including subsidiary J&B Software, will demonstrate its full suite of remote deposit capture (RDC) products in Booth #19.
"Edward Jones and Conestoga Bank are excellent examples of the tremendous benefits of RDC technology," said James McShea, chief revenue officer, 3i Infotech, North America. "This technology is freeing companies and individuals from constraints such as geography and bank hours. It's allowing them to deposit funds wherever and whenever they want, thereby accelerating cash flow while saving time and money."
Edward Jones, a prominent retail investment firm, has deposited more than 5.5 million checks over the past two years using 3i Infotech's eCapture product. eCapture is being used at more than 10,000 Edward Jones branch locations throughout the U.S.
eCapture quickly, accurately and securely captures images of paper check payments and validates the images for Check 21 compliance, meaning that an electronic copy is a legally acceptable replacement for the original paper version. Next, the transaction is processed by 3i Infotech's workflow, risk management and clearing modules for business rules application, compliance and clearing purposes. The business rules, such as exception management and fraud monitoring, can easily be customized.
Edward Jones will present a case study about this development at 9:30 a.m. on Thursday. In the session, entitled "Advanced Corporate RDC Solutions - A Case Study," Edward Jones will detail how its leveraging RDC technology to streamline payments and receivables; integrate and automate data-intensive processes; improve liquidity management; make operations more efficient, improve cash flow, and deliver tangible results to the bottom line.
Conestoga Bank, a regional bank based in the Philadelphia area and another 3i Infotech RDC customer, will speak on Thursday at 11:00 a.m. Lori Adamski, executive VP and chief operating officer of Conestoga Bank, will participate in the session, "Mobile & Consumer RDC: Perspectives from the Industry Leaders." Conestoga Bank will begin offering 3i Infotech's Mobile Check Deposit functionality to its customers later this fall. The product will allow Conestoga's customers (businesses and consumers) to deposit paper checks anytime, anywhere via their smartphones.
Once a Conestoga customer photographs a check and submits it via his or her mobile device, 3i Infotech will validate the images for Check 21 compliance and perform workflow, risk management and clearing tasks.
3i Infotech will provide a safe and secure image capture and deposit experience for Conestoga customers. To ensure security, a complete audit trail of where, when and how each check was captured will be logged to allow for any disputes to be tracked and resolved. Customers will also be protected, since no data or images will be stored on their smartphone in case they lose their device, and all communication will be 128-bit encrypted. All major smartphone models will be supported.
3i Infotech will host and deliver the mobile deposit capabilities through a software-as-a-service (SaaS) delivery model, eliminating the need for Conestoga to implement or manage the technology infrastructure. The SaaS approach significantly speeds time-to-market and lessens capital expenditures. 3i Infotech's SaaS mobile check deposit solution will easily integrate with Conestoga's core processing system and will be supported by the extensive global payment processing network of 3i Infotech. As a result, most remote check deposits will clear within one hour.