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Texas Financial Institutions first to use MSI
DirectPresentment.comTM, new Check
21 Image
Management System
DirectPresentment.comTM Provides an Easy and Affordable Web Based Entry
Point in Electronic Image Exchange and Settlement
OKLAHOMA CITY—Community Bank of Granbury is breaking new barriers in electronic
check exchange by becoming the first in the nation to digitally exchange checks
through DirectPresentment.comTM. Myriad Systems Inc. (MSI) is transforming
the digital image exchange industry with DirectPresentment.comTM, a new
check image exchange system that allows financial institutions to swap image files
directly with other financial institutions without the geographical limitations
of paper exchange.
MSI, Myriad Systems Inc., is a developer and provider of transaction, document and
statement processing and mailing distribution services and software. DirectPresentment.comTM
is one of its newest technology innovations.
DirectPresentment.comTM is a secure Internet site with redundant backup
that allows financial institutions of all sizes to directly swap check images. “We
believe we are creating a new paradigm,” said Shaun Riney, MSI President.
“With no hardware or software requirements to operate, financial institutions
can move swiftly and affordably into the image exchange era.”
DirectPresentment.comTM has the ability to convert or accept any image
format. Members of the system can exchange directly with another financial institution
without the extra layer of costs and additional software and hardware other digital
image exchange networks require.
DirectPresentment.comTM uses the latest technology in Check 21check image
file standards to give financial institutions a more time and cost efficient method
of exchanging checks without courier routes and fees or added software/hardware
costs. Financial institutions can exchange and settle the same day if they choose.
“DirectPresentment.comTM is a perfect match for community banks
like First National Bank of Granbury,” noted FNB DeVonne Roehmer - MIS Manager.
“Before this exciting innovation, we spent hundreds of dollars each month
hiring couriers to physically shuffle paperwork between banks right here in Granbury.
Now with a click of a button we can exchange digital images instantly with our financial
partners.”
“DirectPresentment.comTM is the solution to connect the community
banking and credit union systems, giving them the opportunity to be as forward thinking,
data secure and technology driven as the largest institutions,” Riney noted.
“Our new direct presentment product is a “technology disruption”
because it can deliver image exchange at a price point unfathomable when Check 21
was introduced just two years ago.”
“DirectPresentment.comTM allows us to jump into the world of digital
image exchange and bypass the costly complicated universe of Check 21, continued
Roehmer. Now we can exchange digital check images on our own terms and on our own
turf.”
DirectPresentment.comTM complements full implementation of traditional
Check 21 while still directly exchanging items with high volume peer institutions.
Financial institutions access DirectPresentment.comTM with a simple annual
membership fee. Digital checks are exchanged via a high security Internet link that
that allows implementation verification features like file upload and download notifications.
Account users have real-time access to reports that show statistics about processed
image files including item count, dollar amounts, time uploaded and downloaded.
Dual authentication is used to verify each bank that logs into the system. Each
image file that is uploadedDual authentication is used to verify each bank that
logs into the system. Each image file that is uploaded is verified for item counts,
dollar totals and image quality verification. Institutions are automatically notified
via email when they have successfully uploaded files to exchange with another institution
or when they receive files from another institution that they need to download and
process. The system also has the ability to handle electronic returns between the
banks. the banks.
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