Orbograph, a developer of recognition solutions for the US check processing market, said that Open Solutions has signed five contracts with Old Fort Banking Company, Farmers Bank of Victor, WesBanco Bank, First Keystone National Bankand Yukon National Bank of Yukon for the Automation 08 recognition service.
Using the Automation 08 software as a service business model will enable Open Solutions’ financial institution clients to approach straight-through-processing (STP) levels of efficiency. It eliminates data entry in check processing, streamlines balancing and incrementally reduces costs in proportion to check volume declines. Image quality usability assurance (IQUA) is also available under this model.
David Mitchell, senior vice president and chief marketing officer of Open Solutions, said: We’re excited by this opportunity to engage with Orbograph since we’ve just named them an Open Solutions commercialized partner, an exclusive alliance endorsement. And providing Automation 08 as an option for our check processing clients gives them an attractive option to lock in low unit costs. There’s been a lot of interest in this area among our clients, as pressures to reduce costs and streamline operations are critical tasks.
Andy Leonhardt, vice president of sales at Orbograph, said: This showing by Automation 08 illustrates the value proposition behind the solution. Leveraging a SaaS business model helps overcome many of the typical objections when a major investment is required for operational improvements.
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