Bank of America to Launch New Image-based
Check Deposit and Clearing Pilot Program Powered by NetDeposit, Inc. NEW YORK, Nov. 3 /PRNewswire/ -- Bank of America Global Treasury Services
(GTS) today announced the development of a new remote deposit service for
electronically clearing and settling checks. Bank of America's (NYSE: BAC)
new service will provide its clients with the ability to convert checks in
their offices to ACH based on ARC rules where eligible, and also use image-
based technology to truncate remaining checks for electronic processing. Bank
of America is the first provider of a nationwide solution that incorporates
remote capture, decisioning and processing, including the creation of
substitute checks/image replacement documents (IRDs), for electronic check
processing, clearing and settlement.
"Bank of America is proud of its legacy of being at the forefront of
client-focused treasury and transaction technology. This current advance in
image-based technology continues that tradition," said Peter Wheeler, senior
vice president of receipts product management at Bank of America. "The PC-
based application of the new product will greatly facilitate the electronic
processing of remote deposits for companies such as real estate management
firms and insurance firms."
The new remote deposit service will provide clients a low-cost entry into
electronic check processing. By eliminating trips to the bank, clients will
reduce transportation costs and improve employee productivity. Furthermore,
Bank of America's large check-clearing network presence provides the
advantages of local treatment for many items.
Today's announcement sets in motion the first phase of a pilot program
using NetDeposit Inc.'s Remote for Business(TM) software system. One of Bank
of America's property management clients, Kohner Properties, Incorporated,
located in St. Louis, MO, will be the first to pilot the service that will
allow them to capture, process and electronically deposit payment items from
their onsite locations.
"Bank of America's clients can realize the benefits of universal check
electronification today. This pilot will allow participants to eliminate
daily bank runs, take advantage of extended processing windows and consolidate
regional or national deposits into a single account. Thus, they will achieve
a more streamlined processing operations today, and even more when this
product is fully operational," said Danne Buchanan, CEO NetDeposit, Inc.
About Bank of America GTS
The Global Treasury Services (GTS) division of Bank of America provides
integrated working capital management and treasury solutions to clients that
include multi-nationals, correspondent banks, governments and global 1000
businesses. GTS services include treasury management, trade finance, foreign
exchange, short-term credit facilities and short-term investing. Bank of
America GTS is the number one treasury and trade services provider in the
United States. Unique to Bank of America, the GTS Global Banking System (GBS)
is the only common technology platform for offshore banking functions,
providing global support to over 500 units in 40 locations with over 2,500
users.
Bank of America stock (NYSE: BAC) is listed on the New York, Pacific and
London stock exchanges. The company's Web site is www.bankofamerica.com.
News, speeches and other corporate information may be found at
www.bankofamerica.com/newsroom.
About NetDeposit, Inc.
Established in 2001, NetDeposit, Inc. is a leading innovator of payment
products and services for end-to-end electronic check processing and optimized
clearing and settlement. Headquartered in Salt Lake City, NetDeposit has
teamed with industry leaders such as Electonic Data Systems (EDS), Western
Payment Alliance (WesPay) and Thomson Financial Services to provide a gateway
to all major check clearing channels now, and in the future. Through its
patent pending technology, products and services, NetDeposit helps financial
institutions, commercial businesses and payment processors greatly enhance
their funds availability, reduce costs and risk and eliminate the
inefficiencies of manual check processing. NetDeposit at www.net-deposit.com
is a wholly owned subsidiary of Zions Bancorporation (Nasdaq: ZION).
SOURCE Bank of America Corporation
-0- 11/03/2003
/CONTACT: Sara Beardsley of RF Binder Partners, +1-212-994-7522, or
e-mail, sara.beardsley@rfbinder.com, for Bank of America Corporation/
/Web site: http://www.net-deposit.com /
/Web site: http://www.bankofamerica.com/newsroom /
/Web site: http://www.bankofamerica.com /
(BAC ZION)
CO: Bank of America Corporation; Bank of America Global Treasury Services;
NetDeposit, Inc.; Zions Bancorporation
ST: New York, North Carolina
IN: FIN CPR STW INS RLT
SU: PDT
JB-CM
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