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News

Banking at the Speed of Light with Oracle, NetDeposit, and Fiserv

Profit: The Business of Technology — May 1, 2005

NetDeposit, an innovator in franchise-building Check 21 software for the financial industry, uses Oracle Database as a key component of the technology solutions it provides to financial services companies such as Fiserv. "Fiserv has licensed Oracle and NetDeposit as part of its services," says Mary Hockridge, senior vice president of marketing at NetDeposit. "The overall solution is a platform that enables Fiserv to offer its thousands of financial institution customers access to the benefits of electronic check processing."

Effective since October 2004, the Check 21 Act allows banks to truncate original paper checks and clear items by using substitute checks or image replacement documents (IRD). Check 21 is also the catalyst that will help financial institutions take advantage of image exchange as adoption of the technology grows. "This changes the operational and competitive landscape significantly," Hockridge says. "It creates opportunities for banks to evolve their operational infrastructure to clear checks more efficiently and compete for business outside their geographic footprint."

Ted Umhoefer, Fiserv's senior vice president for product management and industry relations, explains: "The infrastructure we put in place is structured so we can move images captured at any one of our 49 check capture locations through our ImageSoft national image archive application to the NetDeposit system, where we can image exchange files or IRD files to be printed at any of our centers. As we keep up with the market and move toward the most efficient forms of check clearing possible, we'll need the flexibility we get through this system."