VSoft, a global information and technology provider of process improvement solutions for financial institutions, has deployed its outsourced branch item capture solution at Wisconsin-based Great Midwest Bank (GMB). The outsourced solution is offered by VSoft`s ASP platform, VSoft Managed Services (VMS).
With VMS’s capture solution, the branch operators at GMB can capture all items that come to the counter with a solution and send an electronic cash letter (ECL) directly to VMS. At end of the day, VMS transmits the consolidated ECL to the Federal Reserve.
Mark Loeffel, vice president of Great Midwest Bank, said: “The decision of the Federal Reserve to reduce paper check processing centers to one Cleveland, Ohio location means that we no longer have local clearing for checks. VSoft’s solution helps us to improve check clearing processing speeds and maintain our competitiveness. We have been able to achieve significant cost savings related to the handling of paper items and have also seen benefits such as same day credit.”
Murthy Veeraghanta, chairman of VSoft said: “The branch item capture solution in the ASP environment provides all the proven features of VSoft’s distributed capture solutions to our customers, but without the cost and effort associated with supporting the technology in-house. Great Midwest Bank’s decision to implement VSoft’s back counter capture solution in an ASP environment will enable them to keep ahead of the competition and focus more on customers and services.”
