Magazine article American Banker

Wachovia Moves into Check Imaging Elite

Magazine article American Banker

Wachovia Moves into Check Imaging Elite

Article excerpt

Wachovia Corp., eager to show it has joined an elite group of institutions deploying check imaging systems, said it is processing more than one million items a day using the technology.

Officials at the Winston-Salem, N.C.-based banking company said they had passed the processing milestone last month, using a "proof-of-deposit" image check processing system from AT&T Global Information Solutions Corp.

"This achievement underscores the fact that imaging technology has become an integral part of our check processing system," said Robert C. Hill, senior vice president at Wachovia.

The event also was a major advance for AT&T Global Information, as it tries to sell more large banks on adopting its technology.

Unisys Corp. and International Business Machines Corp. have held the early lead in selling image-based, proof-of-deposit systems to regional and money-center banks.

The $39.1 billion-asset bank began putting its system into production in its check processing centers in Winston-Salem and Atlanta last summer.

The proof-of-deposit system electronically scans paper checks for encoding and balancing, vastly improving back-office efficiency. It also gives Wachovia the opportunity to offer value-added services to its

corporate customers and consumers.

Wachovia officials said on one day in March their two check-sorting centers processed a total of 1.1 million items using the imaging system.

Since the introduction of the technology in the early 1990s, large banks have been slow to adopt check imaging, mainly due to its hefty price tag, which often runs into millions of dollars. …

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