Carreker Corporation Press Release -
February 8, 2005
Wells Fargo Licenses Carreker’s Source Capture™ for
Branch Image Capture
Branch Over the Counter Image Capture to Reduce
Float, Transportation, and Per Item Fees Costs
DALLAS, TEXAS (February 8, 2005) — Carreker
Corporation (Nasdaq: CANI), a leading provider
of technology and consulting solutions for the
financial industry, announced today that Wells
Fargo has licensed Carreker’s Source Capture™ Branch
OTC (Over the Counter) solution for 3300 Wells
Fargo stores (branches) so that tellers can image-capture
checks as they are presented.
Wayne Mekjian, EVP, Wells Fargo, said, “We
have two critical objectives here. The first is
to ensure high quality customer service in branch
deposits. The second is to reduce our costs as
paper volumes decline. Customer service will also
be improved through longer deposit windows and
less customer downstream exception processing.
By converting paper to images at the earliest point
possible, we are furthering our commitment to end-to-end
image-enablement in preparation for reaping the
benefits of image exchange. We can make these deposits
available for earlier posting, detect fraud sooner,
and avoid related transportation expense.”
He added, “We chose Carreker’s solution
because they adapted it to our payment systems
architecture and design. They designed it to integrate
with other existing teller applications. They also
included their Image Quality software in the solution,
so we aren’t just capturing images but instantly
ensuring that they meet our rigorous quality standards.”
John Carreker, president, Global Payments Technology,
Carreker Corporation, said, “As check volumes
decline, we estimate that the very large banks
must reduce their check-related costs by tens of
millions of dollars. When Wells Fargo deploys Source
Capture™, they will be able to make another
staged reduction in costs, a critical competitive
advantage for a leading payments bank. In this
respect, we see Source Capture Branch as the kingpin
of distributed capture opportunities.”
Since Check 21 became effective on October 28,
2004, financial institutions are permitted to truncate
original checks and forward their images rather
than the checks themselves. Distributed capture – the
ability to convert the paper check to image early
in the processing path – has emerged as one
of the earliest benefits of Check 21, with banks
and their customers seeking to capture checks well
before they reach a bank’s processing center,
thus avoiding significant float and transportation
expense.
Besides Branch OTC, Carreker’s Source Capture™ suite
includes Lockbox Processing and Corporate Capture
(which brings banks’ 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 branch behind-the-counter
locations, cash vault, and ATMs.
J. D. (Denny) Carreker, chairman and CEO, Carreker
Corporation, said, “Wells Fargo remains at
the forefront in carrying out our shared vision
for banks to maintain leadership in the payments
business during the paper-to-electronics evolution.
By largely standardizing their Check 21-related
strategy on the Carreker platform, they are setting
themselves up for a cascade of benefits.”
About Wells Fargo
Wells Fargo & Company is a diversified financial
services company with $428 billion in assets, providing
banking, insurance, investments, mortgage and consumer
finance to more than 23 million customers from
more than 6,000 stores and the internet (wellsfargo.com)
across North America and elsewhere internationally.
Wells Fargo Bank, N.A. is the only “Aaa”-
rated bank in the United States.
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.
This press release contains statements related
to future events and expectations and, as such,
constitutes forward-looking statements. These
forward-looking statements, specifically those
related to future products and customers' benefits
therefrom, are subject to known and unknown risks,
uncertainties and other factors that may cause
actual results, performance or achievements of
the Company to be different from those expressed
or implied above. The Company expressly disclaims
any duty to update or revise forward-looking
statements. The risks and uncertainties which
forward-looking statements are subject to include,
but are not limited to, the effect of governmental
regulations, the economy, competition and other
risks detailed from time to time in the "Management's
Discussion and Analysis" section of the Company's
Form 10-K and other reports and filings with
the Securities and Exchange Commission.
