Headlines:
Digital Signs Puerto Rico Bank
A pair of banks have agreed to use corporate banking software from Digital Insight Corp.
Digital, of Calabasas, Calif., said Thursday that R-G Premier Bank of Puerto Rico, a unit of R-G Financial Corp., signed a multiyear contract to use a hosted version of Digital's corporate banking product.
R-G Premier plans to offer its corporate customers such online banking services as cash management, information reporting, and digital imaging.
In addition, the Johnson Bank unit of Johnson Financial Group of Racine, Wis., has expanded its relationship with Digital Insight.
Johnson, which was already using the vendor's consumer and small-business online banking products, signed a multiyear deal to add cash management, cash concentration, and information reporting services to its corporate banking offerings.
NCR Links Credit Union to Fed
Greylock Federal Credit Union of Pittsfield, Mass., is using technology from the automated teller machine company NCR Corp. to send image cash letters to the Federal Reserve Bank of Boston.
NCR said the credit union is already using the Federal Reserve Board's FedForward service to send digital images to the Boston Fed. By late summer it should be using the FedReceipt and FedReturn services to receive check images from other banks and return items, NCR said.
The Fed has been using FedForward to accept check images from banks and credit unions since October 2004, when the Check Clearing for the 21st Century Act took effect. It introduced FedReturn and FedReceipt in May.
The three services allow the central bank to process checks for banks using only image files, if both the depositing bank and paying bank are ready to use image files. If the paying bank cannot accept images, the Fed converts the file into an image replacement document for settlement.
Candice Casella, Greylock's payments supervisor, said in an NCR press release issued Friday, "We wanted to implement an imaging system within our institution to streamline our operations and enhance our service levels to our members."
The credit union is using NCR's ImageMark NCompass check imaging system to automate its check processing operations and archive the files.
Greylock, the third-largest credit union in Massachusetts, has assets of $813 million and 58,000 members.
