Bank Up Corporation Announces Significant Growth in Remote Corporate Capture Business
August 1, 2007
San Ramon, California –Bank Up Corporation, a leading provider of payments solutions to financial institutions, today announced performance statistics for the first six months since the inception of its Remote Corporate Capture solution.
Bank Up processed over $55,000,000.00 in remote corporate deposits in the month of July. Both deposit volume and transaction volume increased significantly. The deposit volume in June was $18.3 million dollars. Launched in October 2006, Bank Up’s Remote Corporate Capture solution has now been deployed by 14 banks throughout the Western United States. “We attribute the dramatic increase in our business to several factors”, said Michael Santimauro, CEO of Bank Up Corporation. “First, we are seeing rapid adoption by our current bank customers. The number of our banks’ new clients has grown by 43% since June. Second, the combined impact of imaging and Check 21 and the simultaneous development of the conversion capabilities from paper checks to electronic transactions are now becoming more prevalent in the small to mid-size
business marketplace. Finally, since implementing our web-based RCC solution in May,
we are seeing greater acceptance of our solution based on its ease of use and robust
applications and features.”
Bank Up’s Remote Corporate Capture solution provides for complete hardware and software deployment and maintenance, flexible processing options and host integration. Bank Up’s infrastructure can be implemented quickly, is cost-effective and has scalable pricing options. Bank Up also enables financial institutions to private label the solution with their own brand. The technology supporting Bank Up’s solution is provided by Wausau, a leading provider of item processing and remote capture technology.
Remote Corporate Capture allows an institution’s clients touse a check scanner at their office, processing center, or branch to electronically transmit check images to a bank for posting and clearing. The process provides clients with faster access to funds, reduced costs by eliminating the transportation of paper checks to a bank, and overall better risk management. Bank Up’s Remote Corporate Capture Solution complements the Company’s other services, which include item and remittance processing, business continuity services and consulting, and hosted data back-up.
“Bank Up’s Remote Corporate Capture solution is part of the company’s strategic objective to provide a complete array of independent, cost effective services and solutions delivered from our Payment Processing Centers to keep our banks and credit unions at the forefront of innovation,” Santimauro said.
About Bank Up Corporation
Bank Up Corporation is a privately held company that provides item and remittance processing, business continuity services, remote corporate capture processing, hosted data back-up and business continuity consulting to financial institutions and government agencies. Founded in 1989, Bank Up works with more than 70 customers across the country. Headquartered in San Ramon, Calif., the company has offices in El Monte, Calif., Atlanta and St. Louis. Bank Up is SAS 70 Levels 1&11 certified. For more information, call 925-277-3900, or visit www.bank-up.com.