MYRIAD SYSTEMS INC (MSI) ANNOUNCES COMPLETE CHECK PROCESSING SOFTWARE-AS-A-SERVICE (SAAS) SOLUTION SUITE
Solutions Directly Address Technology Procurement Business Challenge Associated With Decline Of Check Volumes.
OKLAHOMA CITY - Myriad Systems Inc (MSI), a leading provider of financial document capture, processing, printing, and mailing services, announced that it has completed the roll-out of the most complete check and item processing system available based entirely on the Software-as-a-Service (SaaS) business and technology delivery model. Under the SaaS model, MSI’s solution applications and the financial institution’s data are hosted and maintained in MSI’s redundant, secure and audited data centers. All functionality is accessed by the financial institution’s staff using standard web browsers over the Internet. MSI’s item processing SaaS suite now includes applications for Remote Deposit Capture, Branch Capture, Proof of Deposit, Returns, Exceptions, Check and Document Archive, and Image Exchange, as well as e-Statements and e-Notices.
“MSI’s model is precisely what banks are looking for today because there is little to no up-front technology cost and the bank’s employees remain in full control of processing schedules and quality”, said Shaun Riney, President of MSI. “With check volumes declining, banks are reluctant to make capitalized procurements for in-house check systems that may never show a return. But with the need to embrace imaging and upgrade technologies to stay competitive, many are equally put off with the loss of control and differentiation generally associated with conventional check processing outsourcing”, continued Riney. “Now, banks can get the best of both worlds while avoiding the pitfalls of each”
MSI’s check processing applications can be implemented individually, or as a group of interoperable modules for a complete back-office technology refresh. With a single sign-on to AccessDirect™ MSI’s online user portal, bank employees gain access to any of the subscribed modules and features for which they have been permissioned by the institution’s administrators.
The benefits of the Software-as-a-Service model over conventional approaches to check processing are substantial.
• Faster Implementation. Since MSI already has the infrastructure, applications, and expertise, customers can begin using the software very quickly. With entry of the customer’s operating and branding parameters facilitated by MSI’s implementation support teams, and training of bank staff using MSI’s online, interactive training programs, customers can be live in a matter of weeks.
• Little to no new investment in hardware and software. Most MSI customers need only purchase item scanners if warranted by their application. Most contemporary PCs with current browser technology and high speed Internet bandwidth will meet MSI application performance requirements.
• Instant Enterprise-wide Software Upgrades and Updates. Since there is no software to load, and applications are housed centrally, MSI software upgrades are instantly made available to all users at the customer’s organization at once.
• Improved Performance. MSI’s business is to develop best-of-breed applications and to implement best IT practices for superior levels of availability, security, backup, disaster recovery, and support. Individual institutions are able to reap the benefits of a highly robust system without paying the entire bill.
• Automatic Regulatory Compliance with respect to the technologies utilized.
• Improved Capital Equipment Ratios – with no capital equipment expenditure on software, hardware, and IT personnel, financial institutions can reduce capitalized equipment on their balance sheet, ensuring fiduciary compliance as well as freeing capital for other investments.
• Financial Predictability. MSI fees are based upon pay-for-use, click charge models. As check volumes decline, monthly fees reduce accordingly, hedging against the uncertainty of obtaining return on investment for otherwise large up-front system procurements.
• Automatic accommodation for growth. MSI automatically re-scales bandwidth and system capacity well ahead of growth, freeing customers from the need to monitor, or worry about exceeding, their system’s capability to make acquisitions and win more customers.
• 24x7 Availability. Because users need only an internet connection and proper credentials to access the application, knowledge workers --and even the bank’s customers-- can input and process real information from anywhere in the world. Credentialed employees impeded by severe weather can even work from home.
About Myriad Systems Inc. Myriad Systems Inc. (MSI) is a leading provider of print and mail, online document delivery, and item processing solutions for financial institutions across the United States. MSI processes, prints, and mails financial statements and notices; electronically archives statements, notices, and other types of documents for online delivery and research; and facilitates the capture, processing, and clearing of check images between customers and their banks, as well as between banks and check exchanges.