Digital Insight Expands Strategic Partnership With BankServ To Bring Remote Deposit Image Capture To Business Banking Clients
Digital Insight Corp. (www.digitalinsight.com), the leading online banking provider, announced today it has entered into an agreement with BankServ (www.bankserv.com), a major supplier of bank branded Check 21 and Accounts Receivable Conversion ("ARC") services for the banking industry, to offer Remote Deposit Image Capture to Digital Insight Business Banking clients. Today's agreement expands upon an existing strategic partnership between the two companies established in 2003. The agreement demonstrates Digital Insight's continued success in establishing and enhancing strategic partnerships with leading technology companies to provide products and services that help its clients achieve business growth through the online channel and compete for share of the business market.
Remote Deposit Image Capture, as offered by Digital Insight and BankServ, capitalizes on the initiatives of Check 21 legislation and ARC rules implemented by the National Automated Clearinghouse Association ("NACHA"). Remote Deposit Image Capture enables Digital Insight client financial institutions to compete effectively, increase operational efficiency, and generate increased deposits and new sources of fee income. In addition, business customers of Digital Insight client financial institutions can eliminate trips to the bank and extend deposit windows.
The product, anticipated to be accessible through secure single sign-on (SSO) within Digital Insight's Business Solutions ASP platform, enables business customers of financial institution clients to scan the front and back of checks at their place of business and transmit the electronic images over the Internet for processing by their bank or credit union and credit to their depository account, via connections designed to be secure and convenient. Financial institutions and their business customers will also have access to images of checks deposited through the Remote Deposit Image Capture service.
A key differentiator of the Digital Insight/BankServ offering is the affordable, turn key design of the service. Digital Insight financial institutions can now reap the benefits of remote deposit without having to staff up their back office operations, implementations and item processing teams. In addition, they can offer this value added service to their business customers with minimal preparation.
"The 24 million small businesses in the U.S. can benefit the most from online, cost efficient products and services," said Digital Insight Director of Cash Management Bryan Laws. "Delivering the enhanced security and convenience of Remote Deposit Image Capture helps our financial institution clients become the preferred financial management hub for their business customers. This is clearly another valued-added tool to attract and retain customers in the valuable small business segment."
According to Celent Communications, banks that are launching remote capture today will win customers away from those who are not, and, over the next twelve months, between $150 million to $200 million in commercial deposits will migrate to banks offering remote capture. This is important, considering fewer than 50 banks in the United States supported remote deposit capture in 2005.
"Market forces, Check 21 legislation and other regulatory developments have made it both necessary and possible for financial institutions to adjust the way they handle deposits," said BankServ President and CEO David F. Kvederis. "Our agreement with Digital Insight demonstrates that we've delivered functionality the financial industry has been demanding. Our market leading product provides a myriad of easy-to-use scanning options and a patented interface to popular desktop accounting packages such as Quickbooks from Intuit Corporation. We are pleased to expand our relationship with Digital Insight and are delighted to deliver new, valuable functionality through its leading mid-market financial institution distribution channel."
"Our expanded agreement with BankServ demonstrates our ability to partner with leading technology vendors and provide clients the best-of-breed products, capabilities and support they need to serve customers and grow into attractive markets," said Digital Insight Chairman, President and CEO Jeff Stiefler. "New remote deposit image capture capabilities expand the market potential of our on-demand business banking solutions, offering our clients opportunity to improve their business results and compete for today's business relationships."
Digital Insight's Business Banking solutions include a range of comprehensive cash management products and services that help businesses manage their accounts, understand their cash position, make payments to their vendors, process payroll and take advantage of automatic account alerts and sweeps.
Digital Insight is the largest outsourced provider of online banking services, as evidenced by its leading base of financial institution clients and active end users. As of December 31, 2005, more than six million consumers and more than 106,000 businesses were actively using Digital Insight's online banking platforms. Digital Insight's consumer Internet Banking and Business Solutions ASP are exclusively endorsed by the American Bankers Association (www.aba.com).
About BankServ
BankServ is a leading U.S. provider of Fed wire transfer, SWIFT and TurboSwift, ACH and Check 21 payment solutions for banks, governments, higher education and businesses. BankServ's recently introduced DepositNow product is receiving wide acceptance as a means for banks to accept image deposits directly form their customers' offices via the Internet. BankServ's SameDayPay product is an inexpensive and secure way for consumers to make eCheck and credit card payments over the Internet or by phone even on the date the payment is due. BankServ provides outsourced Fed wire transfer processing to banks both large and small and from coast-to-coast and SWIFT software and Service Bureau functionality for international financial message transmission provided to banks worldwide. More information about privately held BankServ can be found at www.BankServ.com.
About Digital Insight
Digital Insight Corporation is the leading online banking provider for financial institutions. Through its comprehensive portfolio of Internet-based financial products and services built upon the company's unique architecture, Digital Insight enables banks and credit unions to become the trusted transaction hub for their retail and commercial customers. Digital Insight offers consumer and business Internet banking, online lending, electronic bill payment and presentment, check imaging, account-to-account transfers, Web site development and hosting and marketing programs designed to help increase online banking end user growth and more. Each Digital Insight product and service reinforces the strength of its financial institution clients.