Image Exchange Accelerates Funds Availability

More than 12 million items are now being processed monthly by organizations using VIE to facilitate image exchange, up from 2.5 million at the beginning of this year. The software, developed by Fiserv business unit Information Technology Inc. (ITI), can be used with a variety of core processing systems, equipping bankers with many of the advanced tools needed to shift from paper-based to image-based electronic item processing.

"We've picked up $25 million in same-day funds availability," said Tom Erdman, CIO of $1.9 billion Amarillo National Bank in Amarillo, Tex., which realized a significant cost savings in reduced courier costs. "We're saving $14,000 a month by not having to move the physical checks, and we no longer have to worry about losing float due to couriers being delayed by weather."

The increased efficiencies provided through VIE also allow for a longer, more profitable business day. "With VIE, we're able to run same-day business to 6 p.m. instead of 2 p.m." said Jerry Rogers, executive vice president and COO of $377 million West Texas National Bank in Midland, Tex. "Our customers love it, but the competition doesn't. In fact, we advertise that our bankers' hours are longer than their bankers' hours."

VIE, just one of Fiserv's options for image exchange, enables financial institutions to send and receive industry standard x9.37 files. The system handles the generation, sending and receiving of return item files and gives bankers a choice of printing substitute checks or image replacement documents (IRDs) in-house or outsourcing that function. Any financial institution using teller, branch, merchant, high-speed or lockbox capture systems to feed items to VIE for exchange can begin complete electronic item processing.

"VIE has enabled three of our employees to do the work of a half-dozen employees, reducing labor costs by $125,000 a year," said Rogers, whose bank uses Fiserv's PCS Vision(TM) core system. VIE and other Fiserv image exchange solutions can integrate with any of Fiserv's core systems, resulting in fewer items to sort, easier research and more cost-effective and efficient ways of processing checks.

"It has become very apparent that the increased flexibility and efficiency VIE provides to financial institutions results in cost savings that really boost their bottom line," said Brian Schwanebeck, senior vice president and general manager of Fiserv's ITI Digital Solutions document management operating unit.