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November 4, 2009

Hampden Bank Deploys Open Solutions’ tMagic Teller Capture

Streamlines transaction processing and bank operations

By CBR Staff Writer

Hampden Bank has selected Open Solutions’ tMagic Teller Capture platform to enhance customer service, reduce costs and improve operational efficiencies. Open Solutions’ tMagic is integrated with the bank’s enterprise-wide core processing platform, Open Solutions’ The Complete Banking Solution: DNA.

The company said that the tMagic allows tellers to capture and scan checks, withdrawal tickets, loan coupons, general ledger tickets, and savings and checking deposits slips, in real time at the point-of-presentment. Extensive image quality checks are performed on each scanned item, including verification of MICR, CAR/LAR and IQUA.

According to Hampden the Open Solutions’ tMagic improves operational efficiencies by reducing manual data entry, allows real-time processing and balancing to eliminate the day-end bottleneck, maintains transaction integrity by capturing all items together at point-of-presentment and prevents fraud by capturing the front and back of the check.

tMagic reduces the teller workload by approximately 15 minutes each day since all previous transactions have been scanned, posted and cleared. In addition, the replacement of deposit, savings, general ledger and cash tickets with virtual tickets can reduce costs by $.02 per ticket. The integrated teller capture solution allows tellers to serve customers/members, cross-sell or market other products.

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Sheryl Shinn, senior vice president of information technology and operations at Hampden Bank, said: “We feel there are several areas in the bank in which we will see significant cost reductions and operational efficiencies gained following the implementation of the tMagic teller capture platform. The first area is customer service. Our tellers are truly the front line with our customers.

“Because the solution is fully integrated, the checks are scanned, verified and automatically posted into the core platform. We estimate there will be an 80 percent reduction in keystrokes, which significantly reduces processing errors and frees up our tellers to concentrate on building relationships, versus simply processing transactions.”

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