Compass Bank Installs Check Image System

Compass Bank licenses two products from Sterling Commerce-Vector Returns and Vector Exceptions.

Seeking to leverage its use of check images and increase the efficiency of its check processing operations, Compass Bank has licensed two products from Sterling Commerce-Vector Returns and Vector Exceptions. Earlier, the Birmingham, Ala.-based bank had licensed Sterling Commerce's Vector:Five system for both incoming and outgoing return item processing.

Vector Returns and Vector Exceptions streamline processes involving images and provide additional automation features that create a higher level of productivity and improved customer service.

"Recently, after deploying our image capture and image archive solution, we determined a need for leveraging the use of check images in our day-two operation," said Stephen R. Madura, executive VP at $23.5 billion Compass Bank. "One of our key objectives was to implement a paperless process once the image was captured."

Compass Bank will also deploy the products in its branch banking network in order to provide access to a non-sufficient funds/overdraft (NSF/OD) decision process via an Internet browser. Access to check images will offer branch managers, personal bankers and relationship managers better information for decision making and enhanced customer service. The two Vector solutions will integrate with the bank's image archive and other legacy systems to provide a seamless process between day-one and day-two operations.

In order to hike productivity and reduce operating costs, the banking industry has begun to embrace image capture and image-enabled financial transaction processing solutions.

"Legislation is beginning to move toward acceptance of check images versus paper," said Madura. "The Vector Returns and Exceptions solutions will help position Compass Bank as a leader in the move to image exchange of checks."

Vector Returns is designed to help automate workflow and reduce manual steps significantly in order to meet customer demand for more information on returns, delivered in a timely manner. In addition, the solution helps reduce bank risk and losses, while creating dynamic revenue opportunities with new services and fee structures.

Vector Exceptions streamlines and automates virtually every process related to exceptions, including pay/return decisions, bank of first deposit (BOFD) input, the handling of physical items and power encoding. The solution allows banks to correct and repost unlocated accounts, all within a single system.