LAS VEGAS - New Core Banking Systems has ordered the Cheq-IT Vermezzo System from Cheq Information Technology Inc. The company says it plans to use the system as a component for its new Real-Time Core Banking System.
"The Cheq-IT Vermezzo System brings a new dimension to the processing of paper within financial institutions and corporate clients," said John Aranowicz, president of New Core Banking Systems.
The financial savings embrace transportation costs and could also accelerate the clearing cycle (with the advent of real time interchange and DDA posting), staff cost reductions within the operations centers and other process reductions. Further, branch capture establishes a check 'trickle flow' system that would front end our real-time DDA system.
Cheq-IT Vermezzo System is capable of capturing all the paper that flows through a bank branch. The shift to electronic imaging eliminates transportation.
"Preliminary financial analyses of total branch automation using the Cheq-IT Vermezzo are indicating a payback of between seven and 12 months on the investment required," said Neil Bottos, CIT's chief financial officer. "We will be performing similar financial analyses with some key corporate clients in the near future."
