Montreal Bank to Buy BancTec Image System for Card Work
The Bank of Montreal has agreed to purchase a $2 million image-processing system from BancTec Inc. for its credit card operations.
The bank will use the high-speed imaging system from Dallas-based BancTec to capture images of credit card sales drafts. Bank employees can then retrieve transaction data without sorting through reams of paper receipts.
Others Installing System
Several other large institutions, including Chemical Banking Corp. and The Royal Bank of Canada, have purchased the system, known as ImageFirst.
Unlike the imaging systems from Unisys Corp. and International Business Machines Corp., which are being installed for check processing at several large institutions, ImageFirst is designed to store images for only short periods of time - typically one day.
Because it requires less computer storage capacity, ImageFirst can be installed for less money than more complete image systems, BancTec officials said.