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Management Strategies

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Open Solutions Inc. Provides Streamlined Check 21 Strategy for National Bank of Kuwait in New York

The New York branch of National Bank of Kuwait (New York; assets of $800 million) has announced its selection of Open Solutions Inc.'s (Glastonbury, Conn.) imaged-based item prcoessing system. The financial institution needed to comply with Check 21 rules and also wanted to streamline check handling. The Open Solutions product suite will allow the bank to "automate most of our check processing," according to National Bank of Kuwait's assistant general manager, Rex Richardson. A cost reduction over manual processing is projected, as well as faster client service and improved funds availability in the new image capture environment. The vendor says that the solution will also adapt to NACHA's International ACH Transaction rules, which go into effect in 2009.

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