Sterling Software Inc., Dallas, has introduced Vector Collections, a mainframe-based system for bankwide control of incoming and outgoing domestic collections. Vector Collections also handles documentation, including collateral transfers, letters of credit, food stamps, bills of lading, and savings bonds.
The system automatically generates notices and letters, assesses fees, and monitors the collection process. To further accelerate handling" initial and follow-up correspondence to other banks and customers is also automated.
Vector Collections is flexible, allowing each bank serviced by the system to establish unique operating policies and procedures. In addition, each department using Vector Collections can implement guidelines that meet requirements.
The company has also introduced Vector Notification, a mainframe-based product designed to control the required notification mandated by Regulation CC for large-dollar return items. The system processes, controls, and tracks incoming and outgoing large-dollar return notifications.