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Carreker
Corporation Press Release - April
2, 2002
SUCCESSFUL
PILOT OF CARREKER'S RECOGNITION
TECHNOLOGY IMPROVES CUSTOMER
SERVICE AND REDUCES COSTS FOR
BANK OF AMERICA
DALLAS
(April 02, 2002) - Carreker Corporation
(NASDAQ: CANI), a leading provider
of consulting and technology
solutions for financial institutions,
announced today that Bank of
America's two-month pilot of
a Carreker recognition-based
solution has enabled the bank
to significantly improve service
to customers. The solution, called AEV
(Amount Encoding Verification,
enables the bank to correct check-handling
errors caused by other banks
before they reach Bank of America
customers' accounts.
"With
our commitment and focus on quality
of customer service, we take pride
in minimizing internal sources
of errors. However, errors made
by outside parties were a stubborn
reality until we collaborated with
Carreker to develop the AEV product," said
John Quinn, Transaction Services
Executive at Bank of America. "AEV
allows Bank of America to catch
those previously undetectable errors
as they were presented to us, which
significantly reduces problems
for our customers. Bank of America
ingenuity and Carreker know-how
made this solution a reality."
Carreker's
AEV uses PC-based technical and
operational elements to recognize
the courtesy amount from a digitized
check image and compare it to the
amount encoded by the encoding
bank. When the bank identifies
mis-matches, an operator can intervene
and correct them before they are
posted to customer accounts.
Since
early December, AEV has been processing
about 400,000 Bank of America checks
and deposits daily at the bank's
pilot capture site, identifying
about 1 in 5,000 transactions as
mis-encoded and permitting the
bank to correct them. Over the
next several months, the bank plans
to roll out AEV to its other 21
capture sites.
Joe
Rowell, President of Carreker's
Global Technology Solutions, said, "Bank
of America recognized that better
customer service means finding
ways of eliminating all types of
errors including those caused by
other institutions that trouble
their customers. The biggest challenge
is to reduce externally caused
errors. With the creative use of
recognition technology, Bank of
America can now increase their
odds of catching errors and correcting
them, avoiding impact to their
customers."
Said
J. D. (Denny) Carreker, "The significance
of this successful pilot cannot
be exaggerated. Bank of America
is one of the largest processors
in the world, so a technology proven
in their environment can be considered
proven for lower volume environments."
Carreker
markets other applications that
use the same advanced recognition
technology as that embedded in
AEV, including Reject Repair, Image
Remittance, and Payee Name Verification
(PNV).
About
Carreker Corporation:
Carreker Corporation improves earnings for financial
institutions around the world. The Company’s
integrated consulting and software solutions are
designed to increase our clients’ revenues
and reduce expenses, while improving security and
increasing the value of their customer relationships.
Carreker provides products and services to more than
200 clients in the United States, Canada, the United
Kingdom, Ireland, Australia, and South Africa, including
more than 75 of the largest 100 banks in the United
States. Headquartered in Dallas, Texas since 1978,
Carreker Corporation also has offices located around
the world including London, Toronto, and Sydney.
For more information, visit www.carreker.com <http://www.carreker.com> or phone
Hal Denton at 972-340-2537.
Forward
Looking Statement - This
document contains forward-looking
statements based on current
expectations that are inherently
subject to risks and uncertainties.
The words "estimate," "project," "intend," "expect," "believe," "plan" and
similar expressions are intended
to identify forward-looking
statements. The Company's actual
results could differ materially
from those currently anticipated
due to a number of factors,
including, but not limited
to, risks associated with the
Company’s acquisition
of Check Solutions, changes
in the banking industry’s
demand for the Company’s
solutions, significant customer
concentration and the potential
loss of a significant customer,
variations in operating results,
reduction in revenues due to
pricing arrangements, the infrequent
use of long-term contracts
with customers, the focus of
the Company's solutions on
e-finance opportunities and
the chance that they will not
be accepted in the marketplace,
risks associated with rapid
growth in the Company’s
business, the inability to
attract and retain key personnel,
existence of defects or errors
in the Company’s software,
ability to develop new technologies
and services, ability to meet
the changing needs of customers,
dependence on third-party Internet
providers and the Internet,
intense competition, risks
associated with strategic alliances
and acquisitions, inability
to protect the Company's proprietary
rights, infringement and other
claims and related expenses,
reliance on third-party licenses,
volatility in the Company's
stock price, exposure to risks
associated with international
operations, reliance on independent
contractors, governmental regulation
and legal uncertainties and
anti-takeover provisions in
the Company's charter documents
and under applicable law. These
and other factors are set forth
in the Company's annual report
on Form 10-K filed on April
30, 2001 and in other reports
and documents filed by the
Company with the Securities
and Exchange Commission from
time to time.
Carreker
Contacts:
Hal
Denton, Vice President, Marketing
972 340-2537 PH
972 233-7831 FX
Email: hdenton@carreker.com
Terry
Gage, Executive Vice President,
CFO
972 371-1454 PH
972 458-2567 FX
Email: tgage@carreker.com
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