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Carreker
Corporation Press Release - May
18, 2004
Carreker Corporation Selected
to Develop Check 21 Technology
for Large Correspondent Bank/Check
Processor
License and Services Agreement
Includes Software for Substitute
Checks (also known as Image Replacement
Documents) and Image Management
with Existing Carreker Image
Archive
DALLAS, TEXAS (May 18, 2004) — Carreker
Corporation (Nasdaq: CANI), a leading
provider of technology and consulting
solutions for the financial industry,
today announced that one of the largest
correspondent bank/check processors
in the U.S. has engaged the company
to develop Check 21-related software.
Check 21 (officially the Check Clearing
for the 21st Century Act), due to
take effect October 28, 2004, facilitates
the exchange of images in lieu of
paper checks, permitting banks to
truncate checks and substitute image
replacement documents. It is driving
considerable change as banks adapt
their processes, platforms, and technology
to accommodate an increasingly imaged-based
environment.
The agreement announced today by
Carreker includes software
and services for the overall management
of substitute checks (also
called Image Replacement Documents,
or IRDs, by the banking industry).
This will allow the client to create
substitute checks, print and present
them to banks that cannot receive
images, and electronically archive
the index and image information for
future needs (such as recreating
the original substitute check). During
the early stages of Check 21, as
financial institutions are transitioning
from exchanging paper checks to images,
the client expects to be one of the
largest creators of substitute checks.
The client already uses Carreker’s
software for storing and distributing
images of checks. Check 21 introduces
extraordinary complexity into the
management of check information and
demands a fast, powerful database
for capturing significantly greater
amounts of information and greater
power for accurately routing the
information. The client turned to
Carreker to enhance its check storage
and distribution capabilities to
include substitute check management.
Development work on the substitute
check and image management software
is under way.
The client recently successfully
deployed Carreker’s image archive
and delivery software across its
enterprise. The Check 21 related
software announced today will provide
additional functionality in advance
of the legislation’s effective
date.
J. D. (Denny) Carreker, chairman
and chief executive officer of Carreker
Corporation, said, “This agreement
cements our position as the leader
in the first ‘domino’ impact
of Check 21, during which banks deploy
image exchange, substitute checks,
image quality, and image management
software to comply with Check 21
and adapt their cost structures to
the realities of payment electronification.”
For more information on Check 21’s
implications, see Carreker’s
white paper The
Domino Effects of Check 21. Wells
Fargo and Key Bank chose Carreker’s
image exchange and image inspector
software and are preparing for pilots.
Creative Payment Systems of BB&T
chose Carreker’s distributed
capture software for image-enabled
capture of check information at corporate
sites – “domino three” of
Check 21. The company also offers
a full range of Check 21-related
consulting including Check 21 Readiness
Assessment and Training, Check 21Customer
Awareness Seminars for banks’ corporate
customers, 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. |
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