VSoft Prepares Customers to Address Compliance with FFIEC Remote Deposit Capture Guidelines
ATLANTA - (AllPayNews.com) VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced that its remote deposit capture (RDC) solutions comply with the guidelines released by Federal Financial Institutions Examination Council (FFIEC) in January.
Under the new guidance, institutions that use RDC systems are required to honor the Bank Secrecy Act and Anti-Money Laundering practices and guard against intentional or unintentional alteration of deposit information and duplicate presentment. Institutions are expected to maintain compatible and integrated IT systems that support multi-factor authentication, business continuity and robust reporting.
VSoft’s toolkit, incorporated in its RDC solutions including Branch Capture, Merchant Capture and Consumer Capture, allows customers to easily meet the compliance guidance issued by FFIEC. VSoft’s solutions provide a flexible configuration mechanism that allows financial institutions to set specific thresholds for processing items. As the items are captured, they are validated automatically against these thresholds. The duplicate item detection feature ensures that individual items are deposited just once whether electronically or physically. A review and approval process based on the threshold configuration settings is also part of the solution and enables institutions to mitigate risks and improve customer satisfaction.
“At VSoft, we provide solutions that adhere to federal guidelines, ensuring that our clients have quality check processing solutions in place,” said Murthy Veeraghanta, president and CEO, VSoft Corporation. “In addition to our solutions and toolkits, we also provide consulting services to assist with agreements, pricing, marketing and risk models, and to ensure that our customers are able to fully benefit from Check 21 under federal regulations.”
About VSoft Corporation
Established in 1996, VSoft Corporation is a global provider of financial technology solutions that improve service, reduce cost and maximize efficiency. Its broad image-based solutions include distributed deposit and payment capture across all points of presentment, back office check processing, image exchange, document management, remittance and lockbox operations. Customers include banks, credit unions, savings institutions, transaction processors, governments, utilities, telecommunications and retail organizations. VSoft’s proven products and services ensure versatile and rapid delivery of solutions to mission-critical needs. Included in Deloitte & Touche’s 2007 Technology Fast 50 Program for Georgia and 2008 Technology Fast 500, the 2007 and 2008 Inc. 5000, 2008 Software 500, and recognized as a Top 10 Fastest Growing Company in Atlanta in 2008, VSoft’s solutions are used by more than 1,900 financial institutions worldwide. VSoft has received high remarks from Celent, and was selected by Bank Technology News as one of The Innovators 2007. For more information call (770) 225-7692 or visit www.vsoftcorp.com.
Editor's Note: The correct usage of the company name, VSoft Corporation, is either referring to it as VSoft Corporation or VSoft, with both the "V" and the "S" capitalized.
For VSoft Corporation
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