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Carreker
Corporation Press Release -
May 6, 2004
BB&T PAYMENTS SUBSIDIARY
CREATIVE PAYMENT SOLUTIONS (CPS)
LICENSES CARREKER’S SOURCE
CAPTURE™ FOR CUSTOMER IMAGING
OF CHECKS
In Preparation for Check 21,
CPS Will Enable Financial Institution
Customers to Realize Benefits
of Convenience, Lower Costs,
and Consolidated Banking Relationships
WINSTON-SALEM, N.C., and DALLAS, TX
(May 6, 2004) — Creative Payment
Solutions, Inc. (CPS), the payments
subsidiary of BB&T Corporation,
the ninth largest bank holding company
in the U.S., and Carreker Corporation
(Nasdaq: CANI), a leading provider
of technology and consulting solutions
for the financial industry, announced
jointly that CPS has licensed Carreker’s
Source Capture™ software.
CPS, created by BB&T Corporation
in 2003, is focused on developing
electronic payment utilities that
will allow financial institutions
to continue to take a leadership
role in the evolution of payments
in the U.S. while allowing the financial
institution to maintain its brand
in the process. Woody Tyner, Payments
Strategist for BB&T, said, “BB&T
has taken an active role in the changing
landscape of payments over the last
few years and CPS is consistent with
BB&T’s strategy to support
financial institutions’ central
role in the payments process.”
With Source Capture™, corporate
customers can use low-cost image
scanners to capture images of checks,
inspect the quality of the image
captured, create an electronic deposit,
and transmit the check and deposit
data to the bank electronically – rather
than physically transporting checks
to various bank branches.
When the Check Clearing Act for
the 21st Century (Check 21) takes
effect October 28, 2004, banks will
no longer need access to original
checks for collection and settlement,
but can use substitute checks and
images instead. Source Capture™ will
bring corporate customers substantial
benefits of convenience, consolidation
of bank relationships, and lower
deposit processing fees by imaging
checks at their own locations. Future
capabilities of Source Capture™ from
Carreker will include imaging checks
at remittance, branch, cash vault
and ATM locations.
Harold Williams, Senior Vice President
of Creative Payments Solutions said, “Source
Capture™ will allow our customers
to enjoy the efficiencies of the
emerging payments processes with
very low upfront costs. With Source
Capture™, we can quickly take
our electronic deposit-taking products
to market, increasing our value to
existing customers and expanding
the financial institution’s
market reach beyond what was possible
when physical check deposits were
required.”
Williams added, “Our longstanding
relationship with Carreker played
a significant role in our choice
of Source Capture™, as did
their leadership in Check 21-related
areas, including their leadership
in image quality analysis and the
comprehensive Check 21 Readiness
Workshop they customized for BB&T.
As a result, we are confident that
our expertise in serving corporate
checking customers will be complemented
by their expertise in preparing for
Check 21 opportunities.”
John Carreker, President of Carreker’s
Global Payments Technologies, said, “BB&T
and CPS are staking out a leadership
position in helping customers realize
new Check 21-driven efficiencies
at a time when many banks are experiencing
growing competitive pressure. It
is clear that those banks that focus
aggressively on increasing customer
value will find themselves well positioned
to succeed in the crucial business
of payments.”
CPS’s deployment of Source
Capture™ represents another
step in BB&T’s pathway
toward payments leadership.
Corporate customers will benefit
from Carreker’s Source Capture™ in
three ways:
- Convenience: Corporate customers
will no longer need to disrupt
the workday to transport physical
checks to the bank branch to make
a deposit. Deposits can be made
at any juncture during the day
in order to realize greater funds
availability.
- Consolidation of Bank Relationships:
Today, corporate customers with
multiple offices in dispersed geographical
areas must maintain accounts at
several different banks so that
deposits can be made locally. Image-based
deposits eliminate the geographic
constraints, permitting customers
to consolidate their deposit activity
at a single bank.
- Lower Costs: Today, customers
pay fees for multiple bank relationships,
multiple accounts, and multiple
sweeps to consolidate their deposits.
With image-based deposits, corporate
customers can anticipate a reduction
in those costs, a reduction in
deposit preparation and transportation
costs, and a corresponding simplification
of funds management and problem
resolution.
J. D. (Denny) Carreker, chairman
and CEO of Carreker Corporation,
said, “This partnership with
CPS and BB&T represents an important
step in our company’s strategy
to extend our leadership position
in helping banks leverage the impact
of Check 21 and ongoing payments
electronification. We see distributed
capture, as represented by Source
Capture™, as an early and critical
domino for banks that wish to be
leaders in the payments business.”
Besides Source Capture™, in
the Check 21 arena Carreker offers
a large and growing suite of solutions,
including image exchange (ExchngLink™),
image quality (Image Inspector™),
and image enabled back office functions.
The company also offers a full range
of Check 21-related consulting, including
Check 21 Readiness Assessment and
Training, image migration planning,
and implementation and integration
services.
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
clients’ revenues and reduce
their expenses, while improving
security and increasing the value
of their customer relationships.
Carreker provides products and
services to more than 250 clients
in the United States, Canada, the
United Kingdom, Ireland, continental
Europe, Australia, New Zealand,
South Africa, South America, Mexico,
and the Caribbean. Clients include
the full range of community, regional
and large banks, among them more
than 75 of the largest 100 banks
in the United States. Headquartered
in Dallas, Texas since 1978, Carreker
Corporation has offices in London
and Sydney. For more information,
visit www.carreker.com.
About BB&T
Winston-Salem, N.C.-based BB&T
Corporation (NYSE: BBT) and its subsidiaries
offer full-service commercial and
retail banking and additional financial
services such as insurance, investments,
retail brokerage, corporate finance,
international banking, leasing and
trust. BB&T operates more than
1,400 financial centers in the Carolinas,
Virginia, Maryland, West Virginia,
Kentucky, Tennessee, Georgia, Florida,
Alabama, Indiana and Washington,
D.C. With more than $97 billion in
assets, BB&T Corp. is the nation’s
ninth largest financial holding company
(including pending acquisitions).
It is the top financial services
company in the nation based on “customer
advocacy,” according to national
consulting firm Forrester Research
Inc. More information is available
at www.BBandT.com.
About Creative Payment Solutions
Creative Payment Solutions (CPS)
is a wholly-owned payments processing
subsidiary of BB&T Corporation.
Established in 2003, CPS has been
focused on developing electronic
payments products that allow corporate
clients to take advantage of the
efficiencies of emerging payments
in both the ACH and ATM networks.
CPS is committed to providing these
utilities in a manner that allows
the financial institution to maintain
its brand and relationship with
their client. For more information,
visit www.creativepaymentsolutions.com
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