KeyCorp said it plans to install a check imaging system in its wholesale and retail lockbox units.
The Cleveland-based bank company joins a growing number of banks using image technology in their cash management operations. According to Mentis Corp., Durham, N.C., 137 banks used imaging for cash management in 1995 as opposed to only four in 1992.
KeyCorp executives said their bank is installing NCR 7780 computer systems equipped with imaging software from ImageScan of Lanham, Md.
The installation in KeyCorp's Albany, N.Y., processing center is scheduled to be completed by Oct. 31, and a Tacoma, Wash., site should be running the new system by Nov. 30.
"We believe we can achieve better penetration at these two sites with an automated product," said Carlton Peace, vice president of corporate product management at KeyCorp.
In addition, processing centers in Cincinnati and Cleveland are to be converted to the NCR system from a Banctec system sometime this year.
The imaging conversions are part of the company's plan to expand its cash management business by 20% in the next five years, according to Mr. Peace.
On average, each site processes 80,000 checks monthly for 325 wholesale lockbox customers.
The new system lets the bank scan checks for corporate clients, collect remittance data, and transmit related information electronically to clients via a secured Internet connection or on CD-ROM.
"This product offers more productivity to KeyCorp's corporate clients," said Susan Schmidt, product manager at ImageScan.
which markets its software through NCR and Unisys, has installed its imaging technology at 13 other banks, Ms. Schmidt said.
KeyCorp will be the first bank company to use the system for lower- volume retail lockbox services, said Ms. Schmidt.
