STRATEGIC PARTNERS
October 3, 2002
DAYTON, Ohio -- Wells Fargo (NYSE:WFC) will use NCR Corporation's (NYSE:NCR) ImageMark Capture solution to transition its conventional proof-of-deposit (POD) and ATM deposit processing operations to an image-capture process with advanced workflow and balancing capabilities, according to a news release.
Wells'Fargo's commitment follows the completion of a successful pilot project at its Tempe, Ariz., operations center. According to the release, Wells has begun a phased implementation that ultimately will redirect its branch and ATM deposit transactions through NCR's ImageMark Capture platform.
Mike Noble, executive vice president of Wells Fargo's payment and store services, said in the release, "The ImageMark Capture solution allows us to consolidate processing from multiple item streams into a single workflow process using electronic images efficiently. At the same time, we are able to enhance service to our customers by quickly accessing those images in lieu of cumbersome microfilm searches for selective research, such as locating a specific document."
According to the release, NCR's ImageMark Capture enables banks to capture transactions at or near the point of origin, including at the ATM and rhe branch. Such technology, if combined with advanced recognition software and item processing transports, could allow banks to electronify checks.
This would become significant if the Check Clearing for the 21st Century Act (formerly know as the CheckTruncation Act), which was presented members of the Senate and House banking committees in late 2001, is passed. The Act would allow banks to use "substitute" checks created and reprinted from a digitally imaged check in lieu of a paper check. The use of substitute checks would allow banks to cut costs of processing checks.
At NCR's Self-Service Summit in August, the manufacturer noted that of 86 ATM deployers surveyed by research firm Frost and Sullivan in a study commissioned by NCR, 20 percent are beginning to install deposit automation systems, while another 20 percent have plans to start by 2004 and 40 percent are "actively considering" doing so. (See related story NCR stresses team approach)
