Solutran Claims 53% BOC Market Share for Q2
MINNEAPOLIS--(AllPayNews)--Solutran reports a 53% market share of total back office conversion (BOC) volume for the second quarter.
“The momentum for BOC continues to build and we expect further growth at Solutran and in the industry in general,” said Barry Nordstrand, CEO and President of Solutran. “Increasing awareness and education on back office conversion has helped build this momentum.”
Solutran, a leading provider of treasury management services, was responsible for over 4.7 million of the total 9 million BOC transactions reported by the National Automated Clearing House Association (NACHA) for Q2. In Q1, Solutran handled over 1.3 million BOC transactions for a 35% market share.
“Our growth can be attributed to increasing client acceptance in our approach to BOC as they have successfully transitioned from pilot phase to rollout,” said Nordstrand. “Our clients have been especially pleased with SPIN’s integrated depository and return systems.”
SPIN™, Solutran’s POS and Imaging Network, is a patent-pending BOC solution that requires no upfront capital expenditure and takes an outsourced approach to check imaging, archiving and destruction. During the SPIN process, retailers are only responsible for capturing MICR data at the point-of-sale using existing infrastructure, submitting the MICR data file, and shipping checks to one of Solutran’s imaging and archiving centers.
Nordstrand said there were many reasons why large retailers were considering SPIN for their check conversion process. He said there were four large retailers that are currently using SPIN that are responsible for Solutran’s total BOC volume.
“SPIN was designed specifically to meet the demands of large retailers,” said Nordstrand. “It provides benefits and advantages that a traditional BOC model does not provide.”
Retailers who implement SPIN are able to consolidate their bank accounts, streamline the process for all check transactions, receive returned checks faster, and reduce banking fees and processing costs. SPIN also does not have an impact on POS operations and requires no additional training for employees at POS or in the back office.
For over 20 years, Solutran has provided a full range of treasury management solutions to corporations and financial institutions. Solutran’s customized solutions span the payment spectrum, from paper check processing and conversion to fully electronic payment processing. Services offered include depository processing, accounts receivable truncation, controlled disbursement services, and returned check management and conversion services. For more information, visit Solutran’s website at www.solutran.com or call 888.SOLUTRAN (888.765.8872).
Michelle Kocur, 763-519-7851