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MSI Enhances Check 21 Capability with
Endpoint Exchange Partnership
MSI Becomes Image Exchange Distributor to
Offer National Settlement Capability for Financial Institutions
OKLAHOMA CITY – Myriad Systems Inc. (MSI), an advanced developer and provider
of transaction, document and item processing technology, today announced a partnership
with Endpoint Exchange LLC, a Metavante company, to become an Image Exchange Distributor
using the Endpoint Exchange Network for national settlement capability.
“The affiliation with Endpoint Exchange will allow our clients the opportunity
to enter the Check 21 world on a national stage with substantially lower costs,
streamlined efficiencies and new revenue opportunities,” noted Shaun Riney,
MSI president. “As truncation and image exchange gain momentum, MSI continues
to offer our client financial institutions the latest advances to participate in
image exchange on local, regional and now a national basis depending on their size
and resources.”
The network will allow MSI customers to offer check image exchange through the Endpoint
Exchange Network, a leading electronic check image exchange provider for the financial
service industry. The network is the nation’s first and one of the largest
check clearing networks, comprised of a diverse group of the country’s leading
financial institutions, check imaging software developers, and image-item processing
outsourcers.
Image exchange allows financial institutions to send exchange images rather than
paper checks for clearing and settlement, bypassing the Federal Reserve System.
Endpoint Exchange serves more than 4,000 community banks and mid-tier financial
institutions across the country.
“The national check settlement capability offered through Endpoint Exchange
enhances MSI’s suite of Check 21 products including MSI Checkse , an all-digital,
paperless, web-enabled branch capture solution and Directpresentment.com, 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,” continued Riney.
Endpoint Exchange’s support of industry-standard exchange formats provides
the cross-platform interoperability that financial institutions need to exchange
check images in a multi-lateral environment. The partnership will allow MSI customers
significant improvement in collection time including same-day or next-day availability,
substantial reduction in costs because there is less paper processing and reduces
fraud exposure through faster collection.
About Endpoint Exchange
Endpoint Exchange enables U.S. financial institutions to clear their check-based
transactions by exchanging check images between member institutions. Endpoint Exchange
(www.endpointexchange.com) is the country’s first electronic check-clearing
network that capitalizes on existing imaging infrastructure and settlement relationships,
with the interoperability to connect to every endpoint in the nation. Metavante
Corporation (www.metavante.com) is a leading provider of image-based check processing
and distributed image-capture solutions, which include Endpoint Exchange. Metavante
delivers banking and payment technologies to financial services firms and businesses
worldwide and is wholly owned by Marshall& Ilsley Corporation. On April 3, 2007,
Marshall & Ilsley Corporation announced its plans to split Metavante Corporation
and Marshall & Ilsley Corporation into independent publicly traded companies.
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