November 15, 2011
Jack Henry & Associates Inc. announced that the ImageCenter ATM Deposit Management solution provided by its ProfitStars division, which is currently deployed by more than 70 financial institutions, is available for the approximately 1,500 community and mid-tier banks supported by its Jack Henry Banking division.
ImageCenter automates the entire lifecycle of ATM deposits with imaging, transaction balancing, and fraud detection technologies that provide financial institution customers with an efficient ATM deposit experience. ImageCenter's approach to ATM deposit reconciliation addresses the challenges associated with ATM deposits, including mixed ATM environments, free items, store-and-forward, deposit fraud, adjustment handling, and deposit reconciliation.
Originally developed for the largest financial institutions, ImageCenter has now been fully integrated with Jack Henry Banking’s three functionally distinct core systems—the SilverLake System, CIF 20/20, and Core Director—its jhaPassPort ATM/debit card product suite, and 4|sight Item Imaging platform. The integration of ImageCenter with these solutions allows Jack Henry Banking’s customers to deploy advanced ATM technologies while leveraging their existing technology infrastructures.
Citing TowerGroup research, David Foss, president of ProfitStars, said that “Standard envelope deposits can cost as much as $1.82 to process while image deposits can cost as little as $0.58. This solution helps mitigate empty envelope fraud and internal kiting, and reduces float with check image exchange. ADTs can expand financial institution's geographical presence and potential without the need for additional branches, can add additional value to the ATM channel, and can help ensure that financial institution customers receive a consistent and high-quality transaction experience. ImageCenter can also help banks attract and retain business customers and focus their branch strategies on sales and service rather than routine transaction processing.”