Viewpointe Owners Reach Check 21 Milestone
VIEWPOINTE BANK OWNERS REACH "CHECK 21" MILESTONE
May 24, 2006 New York, NY: Viewpointe announced today that all of its owner banks, Bank of America, JP Morgan Chase & Co., SunTrust, U.S. Bancorp, and Wells Fargo, are actively in production with ImageShare™ and Pointe2Pointe™. This significant milestone demonstrates the substantial momentum of the financial services industry in transitioning to full check electronification, enabled by the federal legislation, “Check 21”. These five financial institutions represent clear approximately 2.5 billion checks amongst themselves.
Viewpointe’s CEO, Lou Buglioli commented, “Our owners are demonstrating industry leadership. They are well on their way to fulfilling their fall 2005 public commitment to share 100% of their transit items by early 2007.”
“ImageShare™ is the most effective way to clear checks. Our strategic partnership with Viewpointe assists us in executing our plan to transition to full image processing as quickly as possible,” noted William Chenevich, Vice Chairman, US Bancorp.
“Bank of America is dedicated to transforming the financial services industry and delivery the full value of the Check 21 promise to banks and to our clients,” stated Barbara Desoer, Global Technology, Service and Fulfillment Executive. “We are already sharing/exchanging with the majority of Viewpointe banks and financial services providers and we are aggressively adding more exchange relationships each month. It is important for the industry to convert to electronic check clearing as quickly as possible to fully realize the benefits of Check 21 and full automation.”
""All Viewpointe members are committed to converting progressively more paper transactions to image, and adding more partnerships every month,"" said Earl Jennings, who represents JPMorgan Chase. ""Ultimately, we all can provide more innovative products and services to our customers.""
In addition to the owner banks, over seventy-five percent of Viewpointe customers are also in production with ImageShare™ and/or Pointe2Pointe™, most with multiple exchange partnerships. Viewpointe provides its financial services customers with industry connections that provide extensive reach into the marketplace. Today, Viewpointe customers have the ability to send and receive check images with every U.S. financial institutions through its industry connections with major financial services providers.
In April 2006, Viewpointe organizations cleared 15.8 million check images electronically representing over $16 Billion. The number of checks cleared electronically is anticipated to sharply rise month over month as the organizations fully implement share and exchange functionality, transition all of their data centers to image exchange capability and add more trading partners.
About Viewpointe
Viewpointe is a leading provider of check image processing and Check 21-related services to the nation's top financial institutions. Viewpointe operates the largest national archive of check images and information. It is the only institution able to provide image exchange on demand through ImageShare(TM) and direct bank-to-bank image exchange through Pointe2Pointe(TM). Viewpointe customers and connections include: BancorpSouth, Inc., Bank of America, BB&T, Compass, Endpoint Exchange, the Federal Reserve Banks, First Horizon National Corp., Fiserv, Inc, Cullen/Frost Bankers, Inc., Harris Bank, HSBC Bank USA, J.P. Morgan Chase & Co., National City Corporation, Southwest Corporate Federal Credit Union, SunTrust Bank, Synovus Financial Corp., U.S. Bancorp, Wells Fargo and Zions Bancorporation. For more information about Viewpointe and its services, please visit www.viewpointe.com.