Bluepoint Solutions launched its ImagePoint Mailroom offering as an addition to the ImagePoint suite, which it says will enable financial institutions to capture and electronically process both deposits and remittances, including credit card, mortgage, auto, and other loan payments, received in the mailroom.

The Mailroom application is a SaaS-based, automated processing tool designed to scan, sort, apply, and split remittances and deposits, validate the data, then export it for clearing, posting and archiving. The system eliminates outsourcing fees and replaces manual, labor-intensive first-generation applications. The web-based application operates in a secure cloud environment with no local software to install or maintain, allowing institutions to deploy the solution with minimal up-front investment.

“Financial institutions of all sizes need to constantly evaluate new technologies that help them improve productivity, particularly in payments processing,” says Hal Tilbury, CEO and founder of Bluepoint Solutions. “Back-office remittance and deposits are areas where financial institutions of all sizes can leverage the benefits of electronic processing to lower costs and boost efficiencies.”

The ImagePoint Mailroom application interfaces with the institution’s existing host system, loading all current, expected receipts plus all current account information. Operators do a quick presort and then scan remittances, which the system matches to the expected receipts and account information, presenting unmatched items to the operator in an automated queue for review. Upon completion, the system generates an X9 cash letter file that feeds directly into ImagePoint to be included with all other items for clearing and archival, and a posting file that goes back to the host system and/or to separate accounting systems.