The Federal Reserve Banks Select Viewpointe For Their Check Image Archive
Viewpointe, a leading provider of check image exchange and archive services, announced recently that the Federal Reserve Banks have signed an agreement to store their check images with Viewpointe.
As a Viewpointe archive user, the Federal Reserve Banks are the latest to join several of the nation's largest institutions in having access to one of the most robust common archives in the industry. The Reserve Banks' archive currently contains nearly 10 billion check images and serves more than 1,000 financial institution customers. Their check image volume will substantially increase Viewpointe's current archive volume of more than 127.8 billion images stored, solidifying it as a truly national, trusted archive.
"The decision to move the storage of check images to Viewpointe is consistent with other efforts in recent years to reduce our check infrastructure costs and maintain long-term viability," said Fred Herr, Senior Vice President, Federal Reserve Bank of Atlanta. "This move allows us to offer our customers state-of-the-art storage technology, reliability and resiliency."
Viewpointe worked closely with the Reserve Banks to develop a plan that would benefit the Reserve Banks and offer a transparent transition to their customers. Moving the storage of images in the FedImage archive to Viewpointe will be seamless to customers and will take place over the next 18 months.
"We're proud that the Reserve Banks made this decision to trust us with this important function," said Lou Buglioli, Viewpointe chairman and CEO. "It speaks to our proven track record for the highest standards related to customer requirements, risk management and data security."
Organizations are strategically responding to cost challenges in this difficult economic environment. For many of the nation's leading financial institutions, Viewpointe has become the national trusted archive, containing billions of sensitive e-documents. By choosing a solution such as Viewpointe's, financial institutions can share infrastructure costs and store and retrieve valuable payments data in a reliable and secure way.
"The Reserve Banks' decision is consistent with how organizations are strategically responding to cost challenges in this difficult economic environment," said Diane Scott, president, Viewpointe Emerging Business. "With its shared infrastructure, the Viewpointe archive allowsthe Reserve Banks to share fixed costs among multiple financial institutions instead of single-handedly absorbing the total cost of archiving."
About Viewpointe
Viewpointe is a leading provider of multibank infrastructure solutions for customers ranging from credit unions to Fortune 100 financial institutions. With one of the largest national archives of check images and information, Viewpointe offers archive capabilities, end-to-end check image exchange clearing and settlement and Automated Clearing House association services. Bank Technology News named Viewpointe one of the top innovators of 2008, an annual ranking of the 25 most advanced people, companies and technologies in financial services. Since 2006, Viewpointe has been named to the prestigious FinTech 100, representing the best of the best in financial technology and service providers. For more information, visit www.viewpointe.com/.
About The Federal Reserve Banks
The Federal Reserve Banks offer a full range of financial services including FedCash, Check including FedForward, FedReturn and FedReceipt, FedImage Services, FedACH, Fedwire Funds Service, Fedwire Securities Service and National Settlement Service. In addition, the Federal Reserve Banks offer services designed to support the use of Financial Services, including Account Management Information and Service Charge Information. Complete product and service information can be found at FRBservices.org.
SOURCE: Viewpointe