Bank is First to Offer a Revolutionary Electronic Check Clearing System for
Businesses
PHOENIX, April 20 /PRNewswire-FirstCall/ -- National Bank of Arizona
President and CEO Keith Maio has announced the introduction of the bank's
latest product for businesses, Remote Deposits(TM) -- an electronic check
clearing system for businesses which allows them to make deposits from their
office.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040913/ARIZONALOGO )
National Bank of Arizona is one of the first banks in the nation to offer
a product of this kind.
"Our partnership with Arizona businesses extends beyond loans and
deposits, we believe in creating innovative tools to help customers succeed,"
said Maio. "With Remote Deposits(TM) our customers should realize significant
operational savings and improved overall funds availability."
Powered by software from NetDeposit, Inc., Remote Deposits(TM) was made
possible with the implementation of last October's Check Clearing for the 21st
Century Act, commonly referred to as the "Check 21" law. Check 21 allows banks
and other financial institutions to exchange digital images of original
checks, known as substitute checks, instead of physically transporting the
original checks to the paying entity. Check 21 requires banks to accept and
process substitute checks as legally negotiable instruments.
Businesses may now use Remote Deposits(TM) as an alternative to visiting a
bank branch or using a courier service to make non-cash deposits. Remote
Deposits(TM) equipment and software allows businesses to scan checks from
their place of business and create an electronic image which is transmitted to
a central processing center and converted into a substitute check. The
substitute checks are then presented for payment at the appropriate paying
institution. Remote Deposits(TM) technology is a convenient, cost-effective
remittance-processing alternative for businesses, creating improved funds
availability and significantly reducing float time.
"Remote Deposits(TM) is another great example of the innovative business
products National Bank offers to assist our customers with the success of
their businesses," said Kathy Jorgenson, Senior Vice President/Director of
Corporate Services. "This revolutionary technology presents an opportunity for
our customers to benefit greatly from Check 21 legislation."
Remote Deposits(TM) is ideal for business customers located in both rural
and metro communities. It is a secure system that eliminates the physical
transfer of checks, reduces manual processes involved with deposit preparation
and provides for online image storage and research of all checks deposited.
National Bank of Arizona, a wholly-owned subsidiary of Zions
Bancorporation (Nasdaq: ZION), was founded in Tucson in 1984 as a community
bank specializing in real estate, serving professionals, and meeting the needs
of small and mid-sized Arizona businesses. Since that time, the bank has
experienced dramatic growth becoming Arizona's fourth-largest bank with
approximately $3.5 billion in assets. National Bank has also been named the
Number One Bank in the state for the fourth consecutive year by, "Ranking
Arizona: The Best of Arizona Business." National Bank has 52 offices in
36 communities throughout the state. For more information, visit National Bank
online at: www.nbarizona.com.
For further information about Remote Deposits(TM) or to sign up, please
contact National Bank of Arizona's Corporate Services Department in Phoenix at
(602) 212-8838 or statewide at 1-800-655-7622.
SOURCE National Bank of Arizona
-0- 04/20/2005
/CONTACT: Cheryl Holdraker, Senior Vice President/Marketing Director of
National Bank of Arizona, +1-602-235-6000/
/ Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040913/ARIZONALOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web site: http://www.zionsbancorporation.com /
/Web site: http://www.nbarizona.com /
(ZION)
CO: National Bank of Arizona; Zions Bancorporation
ST: Arizona
IN: FIN
SU: PDT
JH-BP
-- LAW040 --
7190 04/20/200511:00 EDThttp://www.prnewswire.com