Alogent Corp., a leading provider of enterprise deposit automation technologies for global financial institutions and processors, announced Everett, Wash.-based Frontier Bank, has chosen its Sierra Xpedite® Remote Deposit™ solution to provide a turn key remote deposit automation approach for its commercial customers.
"We are proud to partner with an organization like Frontier Bank, which has been recognized both locally and nationally for service excellence," said Paul Citarella, EVP at Alogent Corp. "In adding a remote deposit solution to its offerings for business customers, Frontier is enhancing its market competitiveness and at the same time realizing additional revenue opportunities. Alogent's solution, in particular, is designed to enhance the customer experience by providing both robust functionality and ease of use, while giving business customers a cost effective and convenient method of making deposits without taking paper checks to the bank."
Frontier, which has $3.5 billion in assets and 48 branches, has elected to deploy the application service provider (ASP) version of Alogent's remote deposit automation suite. Specific features include automated setup for the financial institution and its customers, a simple, web-based user interface and intuitive workflow that requires virtually no end-user training, real-time capabilities such as full user authentication and enhanced, integrated security standards.
Alogent's ASP solution is supported by a unique user interface that offers branding for each financial institution, image capture and deposit validation, as well as real-time image quality and usability to minimize image quality warranty risk for the institution, while minimizing operator effort. Additional functionality includes CAR/LAR to automate dollar amount capture and allow amount field correction for deposit balancing. Duplicate item detection across multiple days minimizes duplicate presentment risk whether inadvertent or with fraudulent intent.
"Frontier Bank is excited to begin offering Alogent's remote deposit solution to our business customers," said Cindy Melland, EVP at Frontier Bank. "Feedback from our pilot customers has been very favorable, and we believe this partnership will enhance our product mix, provide a positive customer experience, and ultimately benefit our bottom line."
In a recent report published by Celent, remote deposit capture (RDC) was noted as the most rapidly adopted technology in U.S. financial services history, with over 4,000 financial institutions expected to have launched RDC products by the end of 2007. Further, industry analyst Financial Insights estimates that banks will spend $23 million for hardware and software in 2007, peaking at $42 million in 2010 before it begins tailing off as the service reaches almost universal deployment.
About Alogent
Founded in 1995, Alogent Corporation is a leading global provider of enterprise payment processing solutions that enable financial institutions and processors to accelerate the conversion of paper to electronic processing. The company's Sierra® suite of solutions automates payments and deposits at every point of presentment (including tellers, branches, ATMs, merchants, corporations, cash vaults and with correspondent banks) while optimizing electronic data and image processing and settlement. Alogent is the deposit automation market leader with our platform processing billions of payments annually with over 75,000 desktop points of presentment sold. The company counts KeyCorp, Lloyds TSB and SunTrust among its 1,000+ financial institution customers. For more information, visit www.alogent.com or call 888.333.6030.