MEMPHIS, Tenn. and SANTA CLARA, Calif. - Transaction processing software provider Infonox has certified Software Earnings, Inc.'s (SEI) Enterprise ATM Deposit Processing software.
According to a news release, the combination of SEI's core processing imaging technology with Infonox's Active Payment Platform supports the image capture of both check and cash deposit transactions at the ATM.
The use of the Infonox technology allows a financial institution freedom to choose the ATM hardware used and supports mixed vendor ATM networks, according to the release.
By imaging deposited checks at the point of presentment, a financial institution is able to eliminate empty envelope fraud, reduce deposit sweeps and lower servicing costs. The Infonox solution raises the deposit transaction to a higher level of consumer confidence by displaying the check image on the ATM screen and printing the check images on the customer receipt.
The image of the check being tendered is presented to the SEI check image system for processing. Images are then available for further use such as clearing, settlement, research, archive or image exchange.
If the check is not drawn on the ATM owner bank, third-party service providers already certified to the Infonox Active Payment Platform can guarantee it, according to the release. The resulting proceeds can then be used to create a "virtual balance" that will fund other revenue generating transactions enabled by Infonox software applications.
"By leveraging the Infonox technology, SEI is able to transform a traditionally paper-based process into an image-only, Check 21-compliant process," said David Garavelli, executive vice president, Business Development of Software Earnings, Inc. "The solution also lowers processing costs, reduces risk and enables financial institutions to extend their deposit windows while streamlining the deposit handling process."
SEI (in IBM's Booth #1907) and Infonox (Booth #1208) will jointly demonstrate the capabilities of SEI's Enterprise ATM Deposit Processing at the BAI Retail Delivery Conference in New Orleans, Nov. 19-20.
Conference attendees can stop at the Infonox booth, deposit a sample check and obtain an image-receipt at the ATM in the booth, then proceeding to the SEI booth to see the image of the sample check that was deposited.
