Headlines:
PNC Has Lockbox Service for Misfires Jack Henry Reports 17% Profit Increase U.S. Bancorp to Use Entrust Security Tool
PNC Has Lockbox Service for Misfires
PNC Financial Services Group Inc. has started offering a service that lets wholesale lockbox customers scan and transmit images of high-value payments that are delivered to the wrong office.
Bert Sciulli, a senior vice president in the Pittsburgh banking company's treasury management unit and a product group manager for receivables products, said Monday that the service, Remittance OnSite, takes advantage of remote check deposit but includes "all the documentation that would come with the check," such as the envelope, the invoice or other remittance documents, and other correspondence.
PNC, which operates the nation's third-largest nationwide wholesale lockbox network, says Remittance OnSite lets customers bring payments back into the lockbox system without sending the paperwork to a lockbox center.
Corporate customers use "thin-client" technology hosted by PNC and a flatbed color scanner to accept documents from the size of a check to the size of a legal sheet of paper.
PNC forwards the payments into its processing operations at its seven national lockbox centers, posting the payments and sending the client a file so it can post its receivables.
PNC also discovered an unexpected benefit for its clients - the system curbs the need for salespeople to pick up the payments they need to earn their commissions, he said.
Companies "don't want their salespeople flying around doing collections work," Mr. Sciulli said. "They want them out there selling."
Jack Henry Reports 17% Profit Increase
Jack Henry & Associates Inc. said its earnings in its fiscal fourth quarter, which ended June 30, rose 17% from a year earlier, to $25.4 million, in part because of sales of its core processing software.
Revenue rose 15%, to $162.3 million, the Monett, Mo., vendor said Tuesday. Earnings of 27 cents a share were in line with analysts' expectations.
Jack F. Prim, Jack Henry's chief executive officer, said in a press release that the growth was primarily organic, led by core system sales to mid-tier financial institutions and by strong continued growth in electronic processing services, including debit card, bill payment, and remote deposit.
For the full year, earnings grew 19%, to $89.9 million, and revenue grew 11%, to $592.2 million
U.S. Bancorp to Use Entrust Security Tool
U.S. Bancorp is installing fraud-detection software from Entrust Inc. of Addison, Tex.
Entrust said Wednesday that the Minneapolis banking company would use its Zero Touch Fraud Detection software, which the vendor inherited in its acquisition of Business Signatures Corp. last month.
The software examines the traits of an online banking session to determine if a particular session matches a user's habits. It is normally invisible to customers, but it can present challenge questions when it suspects a user is not legitimate.
Bill Conner, Entrust's chairman, president, and chief executive, said there is interest in both the fraud detection product that Business Signatures sold and the authentication products Entrust offers.
He recommends that new customers start with Zero Touch, which does not need to be integrated with a bank's online banking software and does not present any visible changes to end users, so it can be implemented quickly. "If you don't have authentication already going, you need to get started now with fraud [detection] and work into authentication next year," he said.
International Business Machines Corp. of Armonk, N.Y., is installing the product for U.S. Bancorp, and it is expected to go live later this year, Mr. Conner said.
