MONETT, Mo., July 23, 2013 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division announced today that Missouri-based Commerce Bank has extended its use of Alogent® Payments Gateway™.
Alogent Payments Gateway now provides Commerce a single solution for processing both image and paper check transactions across all intra- and inter-bank points of presentment including branch, remote deposit, the back office, ATM, and lockbox. It simplifies the transformation of paper-based transactions to image-enabled processes. The bank previously was using platforms built specifically for managing paper checks. With today's image-centric environment, it needed to replace dated systems with one that accommodated simplified and consistent processing across all items coming into its back office. Selecting Alogent Payments Gateway enabled Commerce to replace five disparate vendors' systems with just one, comprehensive system.
Greg Nickle, executive vice president and operations manager at Commerce, explained, "We have simplified vendor management to a single partner for front-end capture at the branch through to backend posting. In addition to adding new efficiencies, Alogent Payments Gateway allowed us to move our higher-cost processing infrastructure to one with much lower operating expenses – we expect annualized savings of about a half million dollars."
Alogent Payments Gateway collects and retains items captured throughout the day and supports balancing, reject and code line repair, as well as the creation of cash letters. Commerce once needed up to 14 minutes to create a 20,000 item cash letter; the same one can now be generated in a fraction of the time and be automatically forwarded to the Federal Reserve or other clearing exchange for final resolution. Alogent Payments Gateway enables complete image-based processing functions like image assurance, validation and archiving, reporting and extract functionality, and routes transactions to appropriate endpoints for final processing, clearing, and settlement.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV