U.S. Bancorp has taken an ownership position in Viewpointe Archive Services, and has signed a long-term agreement to implement Viewpointe's check image archiving technology. U.S. Bancorp joins J.P. Morgan Chase, Bank of America, SunTrust Banks and IBM as an owner in the company. Terms of the deal weren't disclosed.
Minneapolis-based U.S. Bancorp will use Viewpointe to give customers immediate access to check information through all channels, and to more efficiently process and store check information. Ultimately, U.S. Bancorp will participate in image exchange, which eliminates the need to ship paper checks.
"The checking side of the financial services business was left behind in the information age until now," said William Chenevich, vice chairman of $165 billion U.S. Bancorp, in a statement. "With imaging, we will now be able to provide our customers information about all of their banking transactions when and how they want."
Non-owner banks using Viewpointe's services include First Tennessee Bank, Zions Bank and HSBC.