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Carreker
Corporation Press Release - September
23, 2004
KeyCorp Uses Carreker’s
Image Exchange/Image Quality Software
to Accomplish Check 21 Milestone
First Exchange of Images Using
Industry Standards and High-Volume
Infrastructure Succeeds with
Test Volumes Between KeyCorp
and JP Morgan Chase
DALLAS, TEXAS (September
23, 2004) — Carreker Corporation
(Nasdaq: CANI), a leading provider
of technology and consulting solutions
for the financial industry, announced
today the successful deployment of
the company’s software for
image exchange and image quality
by KeyCorp to effect an exchange
of images in lieu of paper checks
with JP Morgan Chase.
Beginning Friday, August 27, 2004,
the banks began exchanging files
of checks over the Image Exchange
Network operated by SVPCo, a consortium
of large banks. The participants
concluded that the pilot demonstrated
successful receipt and settlement
of the images on the basis of images
only, with the paper checks themselves
successfully truncated. Both banks
have continued to exchange image
files, still at low volumes but with
larger volumes planned over the next
few weeks.
J. D. (Denny) Carreker, chairman
and chief executive officer of Carreker
Corporation, explained the significance
of the event. “Processing of
physical checks has always been a
labor intensive task. Now, with the
electronification of the check, and
software to support the exchange
of electronic information between
banks, the process is now primarily
automated – a major milestone
for the banking industry. With very
little bank personnel interaction,
these files were received and processed,
and the information fed to downstream
systems integrated into the electronic
workflow.”
He added, “The test volumes
exchanged were small, of course,
but it is important to point out
that since payments processing involves
huge volumes, the software has to
be compatible with infrastructure
and standards already in place for
high volume processing. By designing
our software to handle large-volume
cash letters and subscribing to ANSI
standards, we have created the capability
for any bank to participate in image
exchange as long as its applications
are also ANSI compliant.”
Mike Barnum, KeyCorp executive vice
president, Client Services Group
said, “We are proud to have
accomplished this payments processing
milestone as planned. Carreker’s
image exchange and image quality
software effectively positions Key
to provide our clients with faster
and increased access to information
and provides a more efficient payment
process. We see image exchange as
a significant component of our overall
strategy and the precursor for additional
image-based products and services.”
ExchgLink™ software will enable
banks to truncate checks entirely
and exchange only images. Image exchange
will significantly reduce banks’ operations
and transportation costs, and their
exposure to payments fraud. At the
same time, image exchange will enable
banks to develop and offer new products
that meet consumer and commercial
customer demand for deposit flexibility.
Besides the basic functions of image
send and receive, ExchgLink™ will
also support item-level reconciliation;
image quality assurance (by interfacing
seamlessly with Carreker’s
Image Inspector software); and back
office functions (by interfacing
with Carreker’s suite of image-enabled
back office systems – Inbound
Returns Express™, Adjustments
Express™, and Exceptions Express™).
Image Inspector™ software
is designed to analyze captured check
images for business content deficiencies
as well as physical flaws and flag
and repair suspect items. It is a
vital enabling technology for facilitating
direct image exchange because with
the advent of check truncation, banks
will no longer have access to the
paper check, making the quality of
the captured images critical. Banks
that capture check images can deploy
Image Inspector™ software before
the images are archived or transmitted
to another bank or a customer. Archive
providers can use Image Inspector™ software
to verify the quality of images they
receive from their user banks.
About KeyCorp
Cleveland-based KeyCorp is one of
the nation’s largest bank-based
financial services companies, with
assets of approximately $84 billion.
Key companies provide investment
management, retail and commercial
banking, consumer finance, and
investment banking products and
services to individuals and companies
throughout the United States and,
for certain businesses, internationally.
The company’s businesses
deliver their products and services
through KeyCenters and offices;
a network of nearly 2,200 ATMs;
telephone banking centers (1.800.KEY2YOU);
and a Web site, Key.com,â that
provides account access and financial
products 24 hours a day.
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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