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ITI Featured Product Spotlight June 2007
Virtual Item Exchange
Electronic Item Processing Software
Virtual Item Exchange (VIE), an electronic item processing solution from Information Technology, Inc. (ITI), equips your financial institution with many of the advanced tools needed to profitably shift from a paper-based to an image-based environment. A component of ITI's "Virtual Transaction" suite, VIE is the central location for all item exchange processes, enabling financial institutions to send and receive industry standard x9.37 files.
This innovative virtual item processing solution makes the most of your existing technology to enhance efficiency, reduce costs and effectively integrate with other systems, while dramatically increasing same-day funds availability. A robust package, VIE's innovative software leverages technology to make virtual processing procedures a reality for your financial institution. The software, which can be used with a variety of core processing systems, is designed to fit any image exchange strategy, enabling you to generate, send and receive electronic cashletter and return item files, with the choice of printing substitute checks (IRDs) in-house or outsourcing that function.
Paperless Efficiencies
As a central location for all item exchange procedures, VIE enhances efficiency by accommodating image and electronic settlement between financial institutions. In addition to operating in an image exchange environment, you can send and receive multiple files to correspondents of your choice. Efficiency is also enhanced by reducing the need for many labor intensive procedures. Rather than manually sorting physical transit items and routing them by courier, VIE enables you to quickly submit those items electronically to correspondents.
Reduced Costs
By facilitating electronic exchange, VIE provides faster availability of funds and avoids courier costs. Reducing expenses associated with the physical transportation of items frees resources that can be used for other business endeavors. In addition, giving your customers quicker access to their funds helps them better manage their finances, creating greater satisfaction.
Automation Provides Flexibility
VIE's electronic automation enables flexibility that isn't possible with traditional paper check processing systems. This cost-effective model gives financial institutions the option of sending items to their exchange partners many times a day. In doing so, they can take advantage of reduced rates for sending items earlier in the business day, and often realize faster funds availability.
The increased flexibility and efficiency VIE provides to financial institutions results in cost savings that boost the bottom line, in both in-house or outsourced processing environments. Some financial institutions are sending and receiving images directly from one another, others are presenting and receiving images from clearing organizations like the Fiserv Clearing Network (FCN), the Federal Reserve and a variety of correspondent banks.
Serving more U.S. banks and savings institutions than any other software and services vendor, ITI offers several core solutions, including the service-oriented architecture-based Premier® and PCS VisionTM suites, and a broad range of supporting products and services available on the nation's most popular IBM and Unisys hardware platforms for in-house and outsourced account processing. Founded in 1976, ITI works closely with some of the best-known technology companies in the world, and has grown to incorporate businesses and offices nationwide, including its Premier, Precision Computer Systems (PCS), Branch Automation, eSolutions, Digital Solutions, Decision Metrics and Professional Services operating units. A subsidiary of Fiserv, Inc., ITI can be found on the Internet at www.itiwnet.com.
ITI is a unit of Fiserv Inc. (NASDAQ: FISV), a Fortune 500 company that provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions.
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