DALLAS - Plano, Texas-based eGistics Inc. and SortLogic Systems, a division of Omni-Soft Inc., have launched Virtual Exchange, a software solution designed as a conduit for electronic payments processing.
According to a news release, the platform archives images and data, facilitates truncation of Check 21 items at the first point of capture, accommodates any kind of source payment, and outputs images and data in industry standard formats. With the introduction of Virtual Exchange, items from various capture sources can now be funneled into a single exchange platform to reduce the costs and risks associated with the capture, transportation and transmission of payments.
"With Virtual Exchange, eGistics and SortLogic Systems are delivering a platform to help banks react more quickly to emerging Check 21 initiatives, and drive innovation in electronic payments," said Clint Shank, president of Omni-Soft Inc. "Banks and their clients will benefit from lower operational and system costs, high image and data security, and unlimited scalability." The combination of technologies and processes gives image-enabled financial services organization the ability to import and export image and data files without changes to its existing systems. The agnostic import/export portal provided by Virtual Exchange supports multiple payment types, systems environments, transmission methods, and data and image formats, and the platform's on-demand infrastructure doesn't require a software license or payments system conversion.
"With the advent of Check 21 and emerging electronic payment initiatives, the stakes have become significantly higher for financial services organizations," said eGistics chief executive officer Bob Lund. "They need a flexible platform that facilitates the electronic exchange of images and data for existing and emerging payment mechanisms."
