VSoft Corporation, a global provider of information and technology solutions for financial institutions, announced that Altoona, Pennsylvania-based Reliance Bank with more than $450 million in assets has selected its OnViewTM Branch Deposit to seamlessly automate the validation and balancing of check-based deposits and payments as well as its OnView Business Deposit to deliver a complete business experience for their merchant customers.
OnView Branch Deposit increases back-office productivity and reduces the cost of processing. The solution also minimizes errors in manual proofing and reduces fraud risks that are imperative concerns for financial institutions. Branch Deposit captures, corrects and performs preliminary validation on batch deposits. Documents are dropped by batches into a larger desktop scanner, where they are imaged and verified against Reliance Bank’s business rules. The built-in CAR/LAR recognition technology reduces data entry and operator intervention by reading the amount, account number and other pertinent information from the scanned document. The fully automated image quality feature improves the recognition and reduces return items.
VSoft’s OnView Business Deposit extends the convenience and cost savings of electronic deposit capture and transmission to businesses that receive a regular volume of checks. Commercial account holders can use it to deposit payments using a variety of devices, reducing preparation time, overhead, operational costs and branch visits. Business Deposit uses a single platform, which allows Reliance Bank to deliver a unified set of risk management thresholds and a superior experience. The solution is tailored to business’ specific needs including role-based user management and self-administration, as well as multi-location functions. It also allows the teller to focus on other revenue-driving activities while promoting less foot traffic in the branch.
“Our goal with these solutions is twofold—to improve operational efficiency within our item processing workflows while retaining flexibility and simplicity, as well as limiting additional work and effort on behalf of our business customers,” said Becky Crilly, senior vice president and senior operations manager at Reliance Bank. “With VSoft’s proven history of success, willingness to partner and collaborate with their client base, and the ease of use and scalability of their offerings, we knew they were the perfect partner to improve our back-office payment processing and business deposit solutions. Their established Branch Deposit and Business Deposit solutions will help streamline our daily operations as well as the daily operations of our business customers.”
“Financial institutions are examining both internal and external facing technologies more closely in an effort to streamline processes and improve their customer service,” said Murthy Veeraghanta, chairman and CEO of VSoft Corporation. “Our product suite is optimized to simplify financial institutions’ methods of doing business in a way that benefits their team members and customers. With the implementation of Branch Deposit and Business Deposit, Reliance Bank will see increased efficiency as operator data entry is reduced as well as an increase in satisfaction from their business account holders. We’re excited to partner with Reliance Bank to upgrade their solutions to provide even more tailored service to their customers.”
About Reliance Bank
Reliance Bank is a mutually owned, relationship driven financial institution that provides Pennsylvania with leading online and in person banking services. Each of Reliance Bank’s seven branch locations is part of a thriving business and residential area. Reliance Bank’s focus is to provide the community with quality financial services and ease of selection, interfacing with the latest technology, secure transactions and caring staff that know the importance of serving customers. For more information, visit https://reliancebank.bank or call 800-570-0876.
About VSoft Corporation
VSoft Corporation offers platform-based services for the banking and financial services industry. Its core, payment and digital banking solutions reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by financial institutions worldwide. For more information, please call 770-225-7692, or visit www.vsoftcorp.com, or follow them on Twitter @VSoft_Corp.