ALPHARETTA, Ga., Aug. 9, 2022 – Avivatech, LLC, an innovative software business specializing in cash and check software automation solutions in branch banking and retail payment environments, has unveiled its check product suite of solutions, comprising of Avivatech’s Vault and QDS Capture solutions.
Together, these solutions work to provide financial institutions (FIs) a fully integrated and automated toolset for handling and processing check payments.
Vault from Avivatech works both with a standalone bank vault or with an armored car virtual vault processing for multiple banks. A multi-bank environment allows operators to key and balance transactions while the system optimizes each image and MICR read, leveraging Avivatech’s best-read technology. Once the straight-through processing of a single deposit is complete, the transaction is in balance. After a transaction has been captured applying each bank’s rules and sort patterns, Vault aggregates the file and produces a bank-specific X9 or XML output file to your bank’s image exchange system. Vault even uses a “Store and Forward” process which helps to streamline the whole operation. Additionally, the vault application integrates with existing vault management software systems, so the vault teller can process and proof all check deposits at the same time in the same workflow.
QDS Capture supports an FI by enabling lockbox providers to continue to capture payments received via P.O. Boxes without the need for the legacy specificized transports that are becoming obsolete and unsupported. The solution works to manage the capture process for lockbox payment documents, including building the subsequent capture file and transmitting it to the lockbox processor as required for additional downstream processing.
“While average check volumes continue to decrease, check amounts continue to increase. Pair this with aging and obsolete legacy technology and we have a problem payments leaders must address sooner rather than later,” said Jeff Hempker, president, Avivatech. “Our check product suite of solutions, comprised of Vault and QDS Capture offer these leaders the technological advantage to ensure their check payments are properly collected, store, processed and automated using the industry’s latest technology along the way.”
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Source: Company press release.