New Services Will Keep $30B Bank in Forefront of Technology by Offering
Customers Internet Access to Statements and Electronic Delivery
EMERYVILLE, Calif., July 20 /PRNewswire/ -- IA Corporation (Nasdaq: IACPC), a leading provider of software for financial services companies leveraging the digital document, announced today the execution of a $2.5 million contract for a full CheckVision software suite and professional services for a $30 billion top tier US bank. This contract provides IA the opportunity to recognize revenue over several quarters beginning in the second quarter.
With CheckVision Archive as the cornerstone of its digital document repository, the bank will offer new Internet-based services to enhance the customer experience and improve operational efficiency. By offering secure Internet access to check images and check data and delivery of customer statements, customers realize improved service, response time and personalization. By securely accessing exact images of customer statements and checks online, bank representatives can more efficiently and effectively respond to customer inquiries, improving the customer experience and reducing unnecessary research, retrieval and delivery of paper documents.
With the implementation of IA's CheckVision Internet Inquiry(TM), the technology-savvy bank will continue its lead in providing its customers with innovative services and alternate means of electronic delivery.
"Because this top 50 bank has the reputation of being in the forefront of technology banking systems and alternate forms of delivery, IA is extremely proud to be chosen as the provider of this innovative new system," said Kevin Moran, president, chairman and chief executive of IA Corp. "By implementing a full suite of CheckVision products to complement the archive with electronic delivery, the bank will realize its return on investment through creation of new products and services, reduction in customer response time and improved customer service and operational efficiency."
The bank plans to implement a unique communications link to index and share image items among its headquarters and three remote processing centers located across central and eastern US.
Because CheckVision Archive can store on-us and transit checks images, as well as other types of transaction information, such as credit and cash tickets, remittance or loan documents, inquiries can be processed immediately.
With the addition of IA's Internet application, remote bank sites and customers can access images and other data via the Internet. Once the suite of products is implemented, bank customers will have a variety of new services to choose from to improve their daily operations.
IA's CheckVision Archive can store over a billion checks and other MICR items, which can be automatically migrated from short- to long-term electronic storage media for quick retrieval. This saves the bank days of research time, resulting in real-time customer response. Customers can have immediate access to check images from their PC, to provide input direct to the bank on exception items or to make pay or no pay decisions.
IA Corporation
IA Corporation, headquartered in Emeryville, Calif., develops and delivers software products that allow leading edge financial services organizations to integrate the power of the Internet with their network document repositories to provide the ultimate in customer service, one-to-one marketing and business intelligence.
Customers using IA's CheckVision products include leading organizations such as Comerica Bank, Harris Bank, Sanwa Bank California, LTD., SouthTrust Bank, UMB Bank, NA and Wachovia. IA is located at 1900 Powell St., Emeryville, CA 94608-1840, U.S. Telephone: 510-450-7000. Fax: 510-450-7099. Email: info@ia-us.com; Website: www.iacorporation.com.
This press release contains forward looking statements, including but not limited to statements regarding anticipated software delivery, customer usage, acceptance and the features, functions, storage capabilities and benefits of the Company's CheckVision products. The actual results of the use of the Company's software products as described in this press release may differ materially from anticipated results based on a number of factors including the Company's ability to successfully deliver and install its CheckVision products; the ability of the CheckVision products to achieve anticipated functionality and benefits; the ability of the bank to enhance the customer experience and improve operational efficiency and realize its return on investment as well as other risk factors as described in for IA's Form 10-K for the year ended December 31, 1998, and the company's 10-Q for the quarter ended March 30, 1999.
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