IA Corporation Introduces New CheckVision Internet Positive Pay at BAI Transaction Processing Conference
New Software Provides Bank Customers Secure Internet Access to Suspect Check Images for Immediate Online Pay/No Pay Decisions
EMERYVILLE, Calif.--(BUSINESS WIRE)--April 16, 1999-- IA Corporation (Nasdaq:IACP - news), a provider of high-volume application software solutions for the financial services industry, today announced CheckVision® Internet Positive Pay(TM), a new application that allows a bank's corporate and business customers secure access to view suspect check images via a standard Internet browser.
The new application, which will be installed this quarter at one of the country's top 25 banks and demonstrated at BAI, offers financial institutions and their corporate customers a powerful protection against check fraud, allowing customers to easily, quickly and securely review suspect check images online, and send pay/no pay decisions to the bank in real time.
''With the emergence of the Internet as a powerful customer service tool, IA is leveraging its expertise in the financial services industry to develop new software products that provide superior customer services and increase operational efficiency,'' said Kevin Moran, chairman, president and chief executive officer of IA.
''Internet Positive Pay is a saleable customer service that will keep financial institutions competitive by satisfying strong customer demands.''
Positive pay is a cash management service that allows a bank and its corporate and business customers to work together to reduce the risk of check fraud.
Traditionally, the corporate customer electronically sends the bank a list of all checks it issued each day. The bank compares checks received for payment against that list each day and identifies checks not on the company's list, checks that exceed a specific dollar amount, or stale checks, i.e. checks issued on a date which is long past due. Suspect checks are copied and faxed or mailed to the customer for review. The customer would then call or fax a pay or no pay decision to the bank.
With Internet Positive Pay, banks streamline the positive pay process by using Internet and image-based technology. This reduces internal operations costs and the risk of fraud, and greatly improves customer service.
Suspect check images can be clearly and immediately viewed remotely by customers via a standard Internet browser. Once a customer has carefully scrutinized the front and back of the check image with Internet Positive Pay's viewer plug-in, they can instruct the bank on a pay or no pay decision right from their desktop PC.
''Check fraud is a multi-billion dollar annual expense to commercial banks and their corporate customers, which is why it is important to develop innovative and effective Internet-based products that mitigate this growing problem,'' said Bill Guthrie, vice president of sales, IA Corporation.
''By presenting exact replicas of suspect checks immediately and securely to bank customers for online pay or no pay decisions, the risk of fraud is greatly reduced as is the risk of error and the need for manual processing.''
Allowing the user to make real time pay or no pay decisions to the bank while eliminating the need for any fax, phone or mail correspondence is a key factor in reducing the exposure to fraud and enhancing customer offerings. Fraudulent checks can be investigated immediately rather than days after they are returned.
With Internet Positive Pay, suspect checks can be carefully examined with reverse video display and zoom capabilities. Check images can be zoomed and flipped from front to back for instant viewing of critical check information such as payee, signature, deposit information and payee endorsement.
CheckVision Internet Positive Pay resides on an Internet server at the bank. Therefore, customers are not required to install custom desktop software. Upgrades are immediate and each time a user logs on to the system they will view suspect check images with the most recent software version.
Internet Positive Pay includes advanced security measures to ensure that only authorized users have system access. An authorized user can report on items such as stale checks (for escheatement), voided or stopped checks, and review bank transmission logs. Customers can issue pay or no pay instructions in real time.
''IA realizes the vital role Internet-based products and services play in today's world of financial services,'' added Guthrie. ''Microfilm and paper-based processing systems are antiquated, time-consuming and costly. Banks want to streamline operations and their customers want current Internet and image-based services such as these.''
IA Corporation
IA Corporation, headquartered in Emeryville, currently sells archive and application software solutions for retail and commercial banking services such as CheckVision Internet Inquiry(TM), CheckVision Statements(TM) and CheckVision ARP(TM).
The company's customers include leading organizations such as Comerica, Harris Bank, Sanwa Bank California, LTD., SouthTrust Bank, UMB Bank, NA, Union Planters and Wachovia.
IA is located at 1900 Powell St., Emeryville, CA 94608-1840, U.S. Telephone: 510/450-7000. Fax: 510/450-7099. E-mail: info@ia-us.com; Website: www.iacorporation.com.
This press release contains forward-looking statements, including but not limited to statements regarding the anticipated installation and demonstration of CheckVision Internet Positive Pay, the anticipated customer usage of CheckVision Internet Positive Pay, as well as the features and benefits of CheckVision Internet Positive Pay and other company products. The actual results of the introduction of new software as described in this press release may differ materially from anticipated results based on a number of factors, including the timing of the release of CheckVision Internet Positive Pay, the ability of the company's products to achieve anticipated benefits, customer acceptance of CheckVision Internet Positive Pay, the need for further development of the company's products and other factors as described in the company's Form 10-K for the year ended Dec. 31, 1998. |
