Bluepoint Solutions Enhances Traditional Cash Logistics with Image-Based Processing to Create “Virtual Vaults”
–Partnership with Garda Cash Logistics provides accelerated funds availability–
SAN FRANCISCO, Oct. 05, 2009 – Bluepoint Solutions, innovator in Check 21 capture, remote deposit capture (RDC) and image-based item processing, announced during the Annual AFP Conference in San Francisco the availability of image-based cash vault processing, including image capture and image exchange of deposits and payments. Bluepoint’s long-standing partnership with Garda Cash Logistics, America’s premium provider and a subsidiary of Garda World Security Corporation, (TSX:GW) (Garda), one of the most trusted cash logistics, physical security and global risk consulting firms in the world, continues to provide advanced cash logistics services to financial executives nationwide.
The enactment of the Check Clearing for the 21st Century Act, “Check 21″ provided a significant opportunity to leverage remote image capture and image exchange technology to accelerate the deposit capture process from receipt through posting all from one of the earliest points of presentment, the vault. Following an extensive evaluation period, Garda partnered with California-based Bluepoint Solutions to implement a full suite of electronic, image-based vault solutions.
“With the advent of Check 21, we realized we could offer our clients a cost-effective solution to help expand their footprints and reduce costs,” said Patricia Marr, Vice President of Product Management at Garda. “By expanding our existing vault services to include image-based cash logistic services, our clients can effectively capture and exchange images received through Garda’s vault network, significantly accelerating deposit capture, posting and presentment. Working with Bluepoint, vaults can now be accessed electronically.”
Working with Bluepoint, Garda’s virtual vaults have the capability to immediately scan, process and balance mixed deposits of both cash and check documents. In addition to check processing, Bluepoint supports the image capture of paper tickets used to issue credit for cash deposits or cash adjustments, giving Garda the ability to provide direct billing data to banks. Garda’s centralized deposit balancing process captures, truncates, balances and adjusts check deposits for each of its customers. Check images are then formatted as X9.37 files for posting or bank-to-bank image exchange. Managed in an ASP environment, Bluepoint manages and corrects any exceptions to immediately adjust and balance the received deposit. Within the vault checks are scanned and the images are sent to Bluepoint’s centralized server where items are repaired if needed and then immediately balanced. The consolidation of the check processing in an ASP environment enables highly trained personnel to manage this functionality, enabling the vaults to stay in balance.
“In today’s uncertain financial environment, a bank cannot afford to lose sight of its core competencies, growing its deposit base and improving customer service,” said Hal Tilbury, president and CEO of Bluepoint Solutions. “Garda’s image-based virtual vault solution enables financial institutions to increase funds availability, expand geographically and more accurately manage deposits, all without adding additional resources. Specifically, this service helps banks attract and better serve commercial customers.”