Recognition International Inc., and International Business Machines Corp. have signed an agreement allowing IBM to act as a marketing agent to banks for Recognition's newly released Universal Transport system.
Universal Transport is processing system capable of serving a range of applications from proof of deposit and image statement production at community banks to remittance processing for insurance companies and other institutions with large volume demands, said Larry H. Lattig, vice president and treasurer of Recognition.
Two Processing Speeds Available
By terms of the agreement, IBM will market two versions of Universal Transport -- one that can process 600 documents per minute and another that processes 1,000 documents per minute.
Banks can easily upgrade from the slower model to the faster one. Both systems can be ordered with or without imaging capabilities.
"We are pleased to broaden the product offering IBM can make available," said Geoff Emerson, general manager of IBM's document and check image solutions division. "The Recognition Universal Transport system offers enhanced reliability, affordability, and system upgradeability."
Universal Transport, with its modular design, is also the platform for the power encoding transport that IBM is currently marketing and for which it offers maintenance services.
The power encoding transport does magnetic ink character recognition encoding of checks at very high speeds.
Revenues Up to $45 Million
As part of the relationship with Recognition, IBM will also offer maintenance support for the systems.
Mr. Lattig said the agreement with IBM would run for 4-1/2 years. He estimated that Recognition would realize revenues of $30 million to $45 million.
Headquartered in Dallas, Recognition develops document-recognition systems, as well as image and workflow software.