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April 4, 2005

ATB Financial pays $31m for Symcor check imaging technology

Alberta, Canada-based ATB Financial has signed a five-year, $31m agreement for image-based check clearing services from Symcor, a provider of business process outsourcing services, to be rolled out in October this year.

By CBR Staff Writer

Mark Ripplinger, senior vice president at ATB Financial, said the implementation will help the company comply with the Truncation & Electronic Check Presentment initiative, a scheme set up by the Canadian Payments Association, which requires financial institutions to offer image-based clearing by 2007 in an attempt to eliminate the need for paper-based item exchange between clearers.

We are also looking forward to being able to offer, within the next two years, new image-based products and services to all our customers including faster and more convenient access to check image statements, e-statements on-line, as well as self-serve trace, CD-ROM check services and image-based Lockbox services for our business customers, added Ripplinger.

Symcor’s services will include clearing and back-office processing, such as check and bill clearing and processing services, statement production (except MasterCard), remittances and tracing services, out of province clearing and inter-branch mail services.

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