FOR IMMEDIATE RELEASE

 

SouthPoint Bank Adopts Latest in Banking Technology

Developed by Aquracy LLC

 

 

BIRMINGHAM, AL, December 20, 2005 - SouthPoint Bank is the first in the Birmingham metro area's banking industry to adopt the latest in banking technology: deposit via scanned check imaging. With an innovative remote deposit imaging system developed by Birmingham, AL-based Aquracy LLC, SouthPoint Bank is streamlining the banking process for customers across the board.

 

Deposit by way of check imaging is a product of recent federal legislation commonly known as Check 21, which serves to reduce the delay and transportation risk associated with check payments. Paper check deposits are synonymous with delays caused by the need to physically transport checks both to the local bank and then to a Federal Reserve Bank in order to be cleared. Such delays interrupt cash flow for businesses and consumers alike.

 

Using check scanners with technology developed by Aquracy, SouthPoint Bank customers can transmit funds instantaneously, securely, and without ever leaving their offices. SouthPoint Bank plans to provide check scanning solutions to their commercial clients, allowing them to use the technology from their offices. This technology automatically prepares the deposit, sends the check and deposit images to SouthPoint Bank, and even provides payment information directly to the customer's accounting system.

 

Aquracy's check imaging system allows us to receive customers' deposits immediately from anywhere in the country, said Steve Smith, CEO of SouthPoint Bank. We are pleased to offer our customers a unique solution that saves time and transportation costs, while transmitting their funds safely, quickly and efficiently.

 

Remote deposit technology also helps SouthPoint to reach outside of a typical market area, allowing it to grow quickly and compete with larger regional banks.

 

We have worked to develop a remote deposit system that allows for rapid growth for banks, while removing the need for substantial overhead costs that go along with traditional branch-based expansion, said David Meany, president of Aquracy. The days of transporting paper checks through the Federal Reserve Banking system are quickly fading, and we are here to help our clients embrace the latest, safest technology.

 

Aquracy, LLC is a Birmingham, AL-based company specializing in the development of check, remittance, and lockbox processing software .

Visit aquracy.com

 

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NEWS RELEASE

Contact:

Brad Spencer

Aquracy, LLC

205-425-1881, ext. 8105

bradspencer@aquracy.com

 

 

-- AQURACY, LLC Bolsters Check 21 Expertise with New Hire --

 

BIRMINGHAM, AL, November 1, 2005 Building on its momentum in delivering solutions for the emerging electronic check clearing environment, Aquracy, LLC, today announced the hiring of banking industry IT veteran Shawn Box.

 

As a software developer at Aquracy, Box brings insight and strategic direction to help further evolve Aquracy's Check 21 solutions suite. During his 13-year career in the banking and payments processing industries, Box has held key posts in IT management, database administration, software support, and systems implementation. Most recently, as IT manager and database administrator for the lockbox services group at AmSouth Bank, Box was responsible for leading the design, development and implementation of the bank's proprietary lockbox processing platform. Box also provided operational support for a variety of PC and hardware systems, and he assisted in the implementation and support of several bankwide projects that introduced new payment processing and information reporting technology.

 

Shawn Box will serve as a key leader in enhancing the breadth and depth of our Check 21 solutions suite, said Brad Spencer, senior vice president, at Aquracy. It's clear that we're in an era where imaging and banking strategy are now inextricably linked, and financial institutions of all sizes are more focused than ever on implementing solutions that deliver business value, while positioning them for the future. The expertise that Shawn and our other programmers bring to image capture, management and delivery is an essential component of our strategy to help financial institutions transform their operations, and their business.

 

Before joining AmSouth Bank, Box implemented electronic billing systems and support software for Alacare Home Health Services and BancTec, Inc.

 

Box earned a Bachelor of Arts degree in international business from Auburn University in 1990, and a MBA in information systems from Auburn University in 1991.

 

About Aquracy, LLC

Founded in 1999, Aquracy, LLC has quickly become a leading provider of advanced turnkey transaction automation solutions for check, remittance and lockbox processors. Aquracy counts among its customers, banks, credit unions, corporations, non-profit organizations and governments. Aquracy's flagship platform, AQURIT, is a user-friendly, flexible, and highly scalable solution that leverages technologies previously available only to large-volume processors. For more information, please call 877-527-8748 or visit www.aquracy.com.

 

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NEWS RELEASE

Contact:

Brad Spencer

Aquracy, LLC

205-425-1881, ext. 8105

bradspencer@aquracy.com

 

-- AQURACY LLC Appoints David Meany as President --

 

BIRMINGHAM, AL, October 17, 2005 Aquracy, LLC, a leading provider of advanced turnkey transaction automation solutions, today announced the appointment of IT industry veteran David Meany as company president, effective immediately. His primary responsibilities include the continued development of the company's suite of products and the execution of the company's strategy in the marketplace.

 

A seasoned technology veteran, Meany has spent the past four years with Cisco Systems as its retail and consumer packaged goods executive advisor. Meany was responsible for creating and managing executive-level relationships with some of the country's largest retail and consumer packaged goods companies. Meany also was the primary spokesman for Cisco's radio frequency identification (RFID) technology solutions across all industry segments.

 

Prior to Cisco Systems, Meany was vice president of consulting services for Fujitsu Transaction Services. At Fujitsu, Meany helped launch Fujitsu's business process consulting practice for the Americas. Meany began his IT career with Electronic Data Systems (EDS), a leading global technology services company.

 

Meany also has served as Chief Information Officer for Bruno's Inc., and Just For Feet, Inc., both based in Birmingham, AL.

 

We are pleased to add such a strong technology executive to lead Aquracy, LLC. David Meany is an outstanding executive with an exceptional track record in running highly efficient, world-class IT groups for leading companies, said Aquracy CEO Dwight Martin. David's extensive experience with technology, business operations, sales, and marketing alliances will be invaluable for building on Aquracy's strong momentum.

 

Meany holds a B.S. degree in Biology from Auburn University. He serves on the MIS MBA Forum at the University of Alabama.

NEWS RELEASE

 

 

Contact:

Brad Spencer

Aquracy, LLC

205-425-1881, ext. 8105

bradspencer@aquracy.com

 

--AQURACY, LLC Transaction Processing Software Delivers Performance and Scalability to The Bank of Kentucky --

 

BIRMINGHAM, AL September 29, 2005 Aquracy, LLC, a leading provider of advanced payments automation solutions, today announced that its image-enabled lockbox processing platform, AQURIT, has successfully supported unprecedented volume growth at The Bank of Kentucky, Inc., helping the bank enhance service, win business, and control costs.

 

A 14-year old institution that has invested heavily in treasury management technology, The Bank of Kentucky experienced an 8 percent increase in both assets and deposits last year, accompanied by significant growth in loans, net income, and shareholder equity. As further evidence of its financial success, the bank twice raised its semi-annual dividend in 2004.

 

Currently with over 250 employees, The Bank of Kentucky uses AQURIT and three high-speed 7780-document sorters from NCR Corp. to seamlessly process retail and wholesale lockbox transactions. The bank also uses the System 150 mail extractor from OPEX Corp.

 

For a fast-growing financial institution in a data-driven business such as treasury services, scalability and flexibility are imperative for sustained growth, cost-effective operations, and customer satisfaction, said Brad Spencer, Aquracy senior vice president of administration. AQURIT helps banks manage increasing volumes of payments and data, and automatically leverage the underlying database framework, so they have ample flexibility in how they boost performance and scalability. In short, AQURIT is becoming a competitive advantage for its users. We're pleased to be participating in The Bank of Kentucky's success, which is a showcase for leveraging imaging to deliver the highest client service.

 

The Bank of Kentucky was Aquracy's first customer in 1999. Since then, the bank has grown its lockbox business from about 5,000 payments a month all for one account belonging to a waste disposal company to nearly 650,000 transactions a month for nine retail and 62 wholesale lockbox accounts. One of the bank's most recent wins was the retail lockbox business of a prominent telecommunications provider in Indiana, Kentucky and Ohio with over 400,000 transactions a month. The Bank of Kentucky was chosen in a competitive selection process.

 

The Bank of Kentucky expects to build on this momentum over the next year to grow its lockbox volume by at least 50,000 transactions a month, largely in wholesale lockbox processing. The bank believes that the parameter-driven design of AQURIT which provides greater processing flexibility and requires less in-house programming support delivers a significant advantage in terms of price and service levels compared to its competitors, many of which are super-regional financial institutions.

 

AQURIT has proven to be a growth enabler for The Bank of Kentucky, commented Bob Fulkerson, COO, The Bank of Kentucky. The system has provided us with substantial cost advantages and a cutting-edge transaction processing platform that helps us be competitive.

 

AQURIT's ability to take on new accounts without a lot of programming support has enabled The Bank of Kentucky to control its IT costs even as its lockbox volumes have skyrocketed. Without this functionality, the bank would have required at least one full-time IT person to set up new lockbox accounts, Fulkerson said. What's more, AQURIT's flexible account set up enables The Bank of Kentucky to accept and automate custom processing requirements, whereas most of its competitors try to force-fit accounts into standard jobs, Fulkerson noted.

 

In addition, AQURIT's built-in courtesy and legal amount recognition (CAR/LAR) module, which automatically interprets handwritten and machine-printed amounts on consumer and business checks, reduces manual keying, and therefore, the need for data-entry personnel. Because of the elegant combination of simplicity and robustness, Fulkerson said The Bank of Kentucky can offer lockbox services at a much more competitive price than other financial institutions in its geographic markets.

 

In addition to lockbox processing, The Bank of Kentucky has used AQURIT to automate the processing of consolidated returns. The bank now handles more than 100,000 returns a month on behalf of 50 merchants throughout the United States. Over the next six months, The Bank of Kentucky expects its consolidated returns volume to exceed 300,000 items per month. The consolidated returns process has allowed The Bank of Kentucky to grow fee income from customers that are out of our geographic footprint, Fulkerson commented.

 

Today's announcement with The Bank of Kentucky is a powerful endorsement of Aquracy's product strategy, our core transaction processing technology, and our ability to foster client relationships, said Aquracy CEO and CTO Dwight Martin.

 

 

 

The bank has supported its volume growth by upgrading its original AQURIT platform.

Through AQURIT's database-design, the bank can scale the implementation even further as it continues to build its business.

 

 

About Aquracy, LLC.

Founded in 1999, Aquracy, LLC has quickly become a leading provider of advanced turnkey transaction automation solutions for check, remittance and lockbox processors. Aquracy counts among its customers, banks, credit unions, corporations, non-profit organizations and governments. Aquracy's flagship platform, AQURIT, is a user-friendly, flexible, and highly scalable solution that leverages technologies previously available only to large-volume processors. For more information on Aquracy, LLC visit its Web site at www.aquracy.com.

 

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Contact: Brad Spencer

Aquracy, LLC

205-425-1881, ext. 8105

bradspencer@aquracy.com

 

-- Aquracy's Remote Image Capture Solution Allows American Chartered Bank to Enhance Service, Expand its Footprint --

 

BIRMINGHAM, AL, July 20, 2005 Aquracy, LLC, a leading provider of advanced turnkey transaction automation solutions, today announced that American Chartered Bank is reaping the rewards of the federally enacted Check Clearing for the 21 ^st Century Act ("Check 21") by offering its clients Aquracy's remote image capture solution. This revolutionary product, an extension of Aquracy's flagship AQURIT® transaction processing platform, enables corporate clients to digitally capture check images and payment data, and transmit the information to their bank for electronic deposit.

 

The combination of making deposits electronically and truncating checks at the point of receipt eliminates the costly and time-consuming physical transportation of checks, and it significantly accelerates the deposit function. In addition, with remote image capture, corporate clients no longer are limited by branch hours for same-day check processing, and they no longer have to manually list check amounts for deposit. The process also breaks down the geographic boundaries of traditional check clearing, allowing corporations with far-flung locations to consolidate banking relationships, thereby reducing banking maintenance fees and improving funds availability.

 

"AQURIT Remote Capture is ideal for financial institutions, such as American Chartered Bank, that face the challenge of constantly refining their operations and customer service functions to stay ahead of changing market conditions and opportunities," stated Aquracy CEO Dwight Martin. "American Chartered Bank understands firsthand the added value of this new technology. For them, AQURIT® Remote Capture provides a simple, better solution for deposit automation, and lays a solid foundation for future Check 21 initiatives."

 

"Aquracy's remote image capture technology puts us ahead of the curve. It is a critical factor in our ability to streamline operations, enhance customer service and expand our footprint without adding physical locations," said Kent Scharringhausen, Sr. VP Cash Management, of American Chartered Bank. "With only 10 offices in the Chicagoland area, we are location-challenged. Remote Image Capture eliminates the brick and mortar' issues we have traditionally run up against in targeting prospects outside of our current marketplace. It makes us much more competitive."

 

Recognizing the potential customer service and operations benefits of remote image capture, Scharringhausen began searching for a solution around the time the Check 21 law went into effect last year. Hoping to be among the first banks in the Chicagoland area to offer remote capture, one of Scharringhausen's primary requirements was that the vendor already has a solution in development. With both a remote capture product in the works and a successful track record as American Chartered Bank's lockbox software provider, Aquracy was a natural fit.

 

Scharringhausen said the bank's early results with Aquracy's remote capture solution have been excellent. Since beginning rollout in April, the Bank has signed nine clients for the product, and through aggressive internal marketing, hopes to have at least 40 more by year's end.

 

The bank's clients use Panini My Vision X tabletop scanners to capture check images and MICR information. Aquracy's Remote Capture software then creates a balanced deposit that is sent to American Chartered Bank via a secure Web site. Upon receipt of client deposits (the check image files), so-called substitute checks (or image replacement documents) are generated at the bank. American Chartered Bank processes the substitute checks in a manner similar to how it handles pre-encoded checks. Long-term, the bank will merge the check image files from clients with its own cash letter items, to clear the files electronically.

 

"Clients like the convenience of Remote Image Capture, as well as the ability to make deposits later in the day for same-day credit," said Scharringhausen, noting the bank extends its deposit window for electronic deposits. "With Remote Image Capture, images of all deposited items are stored on the client's PC, eliminating the need to photocopy checks. This image archive also assists our clients with their internal client research issues."

 

Scharringhausen said Remote Image Capture is the first component of the bank's planned three-pronged approach to automate its deposit processing. The second phase is to provide image capture at the teller window, and the final phase is eliminating the use of checks for clearing, replacing them with electronic images.

 

About American Chartered Bank

American Chartered Bank, founded in 1987, has assets of $1.8 billion and distinguishes itself as the premier financial institution serving closely held small to medium-sized businesses and individuals in its Chicagoland markets. The bank employs nearly 300 individuals, each committed to providing superior service to their clients. American Chartered Bank is owned by local shareholders, a large percentage of whom are bank employees and directors.

 

About Aquracy, LLC.

Founded in 1999, Aquracy, LLC. has quickly become a leading provider of advanced turnkey transaction automation solutions for check, remittance and lockbox processors. Aquracy counts among its customers, banks, credit unions, corporations, non-profit organizations and governments. Aquracy's flagship platform, AQURIT, is a user-friendly, flexible, and highly scalable solution that leverages technologies previously available only to large-volume processors. For more information on Aquracy, LLC visit its Web site at www.aquracy.com.

 

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120-B Oxmoor Blvd Birmingham , AL 35209 News Release

For further information:
Dwight Martin
Aquracy Corporation
(205) 425-1881
dwightmartin@aquracy.com

 

 

Aquracy Adds New Partners

 

Birmingham , Alabama , June 8, 2005 Birmingham-based Aquracy has brought in new capital partners to help finance its rapid growth.  The new partners include CFB Investment Company and Clark Capital LLC, both of which are private equity firms located in Birmingham.  Dwight Martin will continue in his role as President of Aquracy.  New additions to the board include Clete Walker, President of CFB Investment Company and Charles C. Clark, Managing Member of Clark Capital. 

            With the implementation of the Check 21 law in October of 2004, the growth opportunities in the remittance industry has accelerated with the use of desktop scanners for capturing check images.   Aquracy LLC has extensive expertise in utilizing this technology to allow its customers to take advantage of this new law.  Aquracy's customers can now receive or deposit checks remotely utilizing the scanning and image technology developed by Aquracy. 

            Dwight Martin, President, said with the exciting changes in the industry, Aquracy needed an infusion of both intellectual and monetary capital.  We found that in our new partners.

About Aquracy LLC

 

Aquracy is a leading provider of advanced turnkey transaction processing solutions for check, remittance, and lockbox processors.  AQURIT, its flagship product, is a user-friendly, flexible, highly scalable solution.  One of its latest products, AQURIT Remote Capture, is a remote deposit capture solution that leverages benefits afforded by the new Check 21 law.  This product allows users to electronically capture and transmit check images, as well as related payment information for accounts receivable updates, to their depository institution as an electronic deposit.  This software is targeted to bank branches, remote processors, corporate clients, and retailers.  Visit the company's corporate Web site at www.aquracy.com

 

Aquracy's customers include banks, credit unions, insurance companies, utilities, governmental entities, non-profit organizations, property managers, mortgage companies, retailers, and colleges/universities.  

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Contact: Brad Spencer

Aquracy, LLC

205-425-1881, ext. 8105

bradspencer@aquracy.com

 

Mission Aviation Fellowship's Donor Services Relies on AQURIT® to Survive Unprecedented Tsunami Relief Giving

 

BIRMINGHAM, AL, April 11, 2005 -- Mission Aviation Fellowship (MAF), a non-profit group that supports more than 400 Christian and humanitarian organizations around the world, maintained its daily back-office processing operations even as its donation volumes nearly doubled in the month after the overwhelming tsunami in South East Asia. Relying on AQURIT® from Birmingham, AL-based Aquracy Corporation, MAF's donor services withstood this extreme volume spike with no need for additional staff or hardware, and with no downtime. With its donation processing running smoothly, MAF was able to quickly assist government agencies, other non-profits and non-government organizations (NGOs) in meeting pressing relief efforts.

 

We are pleased that the AQURIT® system was able to provide MAF the capability and performance to meet their needs during this period of unprecedented donation volume, commented Aquracy's President Dwight Martin. The tremendous result that Mission Aviation Fellowship achieved with the AQURIT® system demonstrates the benefits of combining the power of compassion with the power of technology.

 

Experience Makes A Difference

Thanks to AQURIT® a turnkey payment processing solution that offers many features tailored to donation processing MAF had a smoother time dealing with the outpouring of donations for the organization's tsunami disaster relief. The MAF AQURIT® system is a tightly integrated solution including courtesy amount recognition (CAR) and legal amount recognition (LAR) software, a Canon CR-180 tabletop check scanner, image and data archival and distribution, and security.

 

The AQURIT® system runs on the industry standard Microsoft operating platform so clients can leverage a reliable, open systems architecture that is capable of growing along with their business. Businesses and non-profit organizations of various sizes use AQURIT® to capture, manage, archive and distribute data and images for a broad range of financial applications.

 

MAF chose Aquracy over competing vendors because of their track record with non-profit organizations, their superior donation processing technology, and the integrity of their people during the sales process. Controlling labor and operations expenses and improving the flow of donor information across the organization, and to its far-flung staff, were MAF's highest priorities.

 

Technology Supports Relief Efforts

Shortly after its implementation late last summer, AQURIT® helped MAF streamline its donation processing by eliminating the need to manually fill out batch slips and enter batches in a log book, replaced cumbersome calculator tapes, and greatly reduced the amount of operator keying. AQURIT® enables MAF to automatically capture and store donor information such as donor id, donation amount, designation codes, and motivation codes.

 

The AQURIT® technology also provides MAF with faster access to archived information, including check images, donation data and donor comments. The new system allows access to high-resolution images within seconds. Previously, donor information would have to be physically stored, retrieved, photocopied, and hand delivered, mailed or faxed to recipients.

 

AQURIT® also includes capabilities for securely delivering images and data electronically to MAF staff around the world. The organization's payroll office, Ministry Partnership Department, Foreign Program Accountant, and overseas staff all benefit by automatically receiving relevant images of donations via email from the AQURIT® system.

 

The ability of AQURIT® to immediately access donor information results in faster document retrieval. The potentially far-reaching benefits that this provides is having a major impact on our ability to provide more timely, high quality service to our donors, commented Barb Carney, Donor Services Manager, at MAF. The AQURIT® infrastructure provides a solution that is helping to allow MAF staff in our offices and in the field to have on-demand access to donor information.

 

These efficiencies helped MAF reduce staffing in donor services to handle average daily volumes. When the organization's donation volumes nearly doubled in the wake of the tsunami, the automated features of AQURIT® enabled MAF to manage this higher workload by temporarily extending the workdays of its donor services department and avoid adding staff. Based on labor savings alone, MAF expects to achieve payback on AQURIT® in less than 18 months.

 

Without AQURIT®, we never would have accomplished what we did, commented Carney.

 

About Aquracy Corp.

Founded in 1999, Aquracy Corp. has quickly become a leading provider of advanced turnkey transaction processing solutions for check, remittance and lockbox processors. The company counts among its client's banks, credit unions, corporations, non-profit organizations, and governments. Aquracy's flagship product, called AQURIT, is a user-friendly, flexible, and highly scaleable solution that leverages technologies previously available only to large-volume processors. For more information on Aquracy, and how its AQURIT Microfilm Replacement product can help your organization reduce costs, improve productivity, and increase customer service, visit the company's corporate Web site at www.aquracy.com .

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Contact: Brad Spencer

Aquracy, LLC

205-425-1881, ext. 8105 or bradspencer@aquracy.com

 

-- AQURACY Corp. Introduces Remote Check Image Capture Solution --

 

BIRMINGHAM, AL, January 10, 2005 Aquracy Corp., a leading provider of advanced turnkey transaction processing solutions, announced today the availability of a remote deposit capture solution that leverages the benefits afforded by Check 21. Called AQURIT Remote Capture, the solution allows users to electronically capture and transmit check images and related payment transaction information for accounts receivable update and to their depository institution as an electronic deposit. The software is targeted to bank branches, remote operations, corporate clients, and retailers.

 

AQURIT Remote Capture enables users to truncate checks at the capture point, eliminating the costly and time-consuming physical transportation of checks, and significantly accelerating the deposit function. The process also breaks down the geographic boundaries of traditional paper-based check clearing, allowing corporate customers and retailers with far-flung stores to consolidate banking relationships, reduce banking maintenance fees, and improve funds availability. Additionally, corporate users of AQURIT Remote Capture no longer are tied to bank branch hours for same-day check processing, and no longer have to list and balance check amounts for deposit.

 

A standalone, single-user version of Aquracy's feature-rich AQURIT solution, AQURIT Remote Capture provides remote capture facilities for an existing AQURIT system. Using a PC and scanner, AQURIT Remote Capture users can scan checks and other transaction documents, balance transactions, export payment data to their accounting and host systems, and securely transmit images in the Check 21-ready X9.37 file format to an AQURIT Server system for deposit processing. The original checks then are truncated for retention and destruction.

 

AQURIT Remote Capture currently supports the popular Panini MyVisionX and Canon CR-180 tabletop check image scanners. The solution also offers optional courtesy amount recognition (CAR) and legal amount recognition (LAR).

 

AQURIT Remote Capture is part of Aquracy's suite of solutions designed for Check 21.

 

About Aquracy Corp.

Founded in 1999, Aquracy Corp. has quickly become a leading provider of advanced turnkey transaction processing solutions for check, remittance, and lockbox processors. The privately held company counts among its customer's banks, credit unions, corporations, non-profit organizations, and governments. Aquracy's flagship product, called AQURIT, is a user-friendly, flexible, and highly scaleable solution that leverages technologies previously available only to large-volume processors. For more information on Aquracy, and how its AQURIT product can help your organization reduce IT costs, improve productivity, and increase customer service, visit the company's corporate Web site at www.aquracy.com .

 

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Contact: Brad Spencer

Aquracy, LLC.

205-425-1881, ext. 8105

bradspencer@aquracy.com

 

AQURACY CORPORATION DELIVERS NEW MICROFILM REPLACEMENT SOLUTION TO HELP BANKS SIMPLIFY CHECK MANAGEMENT

 

-- AQURIT Microfilm Replacement Streamlines and Automates Many of the Tasks Required To Capture, Manage, Store and Protect Check Information --

 

BIRMINGHAM, AL, November 17, 2003 Aquracy Corporation., a leading provider of advanced turnkey check and transaction processing solutions, today announced the availability of AQURIT Microfilm Replacement, a scaleable desktop solution for check imaging, archival, and retrieval. The new software will help banks and financial institutions more easily capture, manage, store, and protect check images and related data, delivering information to users when and where they need it, in a variety of customer-friendly output formats.

 

AQURIT Microfilm Replacement is targeted to banks and financial institutions that use microfilm to capture, store, and research deposited items. Using imaging, the new software eliminates the costs and hassles associated with buying, developing and storing microfilm.

 

Banks and financial institutions of all sizes already are migrating from microfilm to check imaging to save money, reduce storage requirements, increase staff productivity, reduce time spent searching for checks, raise customer service, and improve their corporate image all while ensuring the long-lasting storage of vital customer information. Check imaging also eases the burden of check management for smaller banks, ensuring lower long-term costs.

 

Ever increasing competition and emerging market trends are forcing banks and financial institutions of all sizes to rethink the way they manage checks and related information across the enterprise, said Dwight Martin, president and chief technology officer of Aquracy Corporation. Savvy institutions are taking the opportunity to implement advanced systems that provide consistent, high-quality check images and data in real time across the enterprise, addressing not only immediate back-office requirements, but enabling them to operate as an on-demand organization, offering customers the information they want, when and how they want it.

 

The new software is built on the same core AQURIT application that is used by many organizations nationwide for remittance processing. This common framework provides AQURIT Microfilm Replacement users with a wide range of features, including: front and back check image capture, in either bi-tonal or grayscale image format; MICR capture and parsing; manual correction of MICR character rejects; multiple statistical reports; numerous image print formats with customizable image print labels; customizable product logo; real-time workflow display; easy to use export tools for images and data; and an optional CAR/LAR module for automatically reading check amounts. Requiring a total desktop footprint of less than two feet for the process, AQURIT Microfilm Replacement supports the Canon CR-180 and SEAC Banche RDS 6000 check scanners. It also is fully upgradeable to a multi-user system or to a complete AQURIT remittance solution.

 

Additionally, AQURIT Microfilm Replacement users can instantly retrieve archived images and data immediately after check capture, eliminating the traditional delay of at least a day while banks wait for their microfilm to be developed. Archived information can be searched using any number of index fields, including scan date, check number, account number, ABA number, or operator. The software also supports complex searches on any combination of index fields, and date or amount range. Retrieved images and data can be printed, faxed, or e-mailed enabling banks to instantly handle walk-in or phone-in requests for check copies.

 

For long-term storage, AQURIT Microfilm Replacement can store years of images and data on a single PC, but also allows easy creation of CD-ROMs, and back up for security and disaster recovery purposes. Images and data also can be exported to external systems.

 

Powered by AQURIT, we are able to offer banks and financial institutions a scaleable, feature-rich check imaging, archival and retrieval system that ultimately costs far less than microfilm, and provides far greater customer service, said Harold Smith vice president of sales and marketing at Aquracy Corporation. This powerful combination allows our customers to manage their checks at significantly lower costs, and gain an archive with fast, exceptional search capabilities, world-class reliability, and flexible image and data delivery options.

 

About Aquracy Corporation.

Founded in 1999, Aquracy Corporation. has quickly become a leading provider of advanced turnkey transaction processing solutions for check, remittance and lockbox processors. The company counts among its clients: banks, credit unions, corporations, universities, non-profit organizations, and governments. Aquracy's flagship product, called AQURIT, is a user-friendly, flexible, and highly scaleable solution that leverages technologies previously available only to large-volume processors. For more information on Aquracy, and how its AQURIT Microfilm Replacement product can help your organization reduce costs, improve productivity, and increase customer service, visit the company's corporate Web site at www.aquracy.com .

 

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Contact: Dwight Martin

Aquracy Corp.

205-425-1881, ext. 8103

dwightmartin@aquracy.com

 

-- AQURACY Releases AQURIT 4.0: Most Feature-Rich Turnkey Solution Ever Offered For Small- and Medium Volume Transaction Processors --

 

BIRMINGHAM, AL, June 9, 2003 Aquracy Corp., a leading provider of advanced turnkey transaction processing solutions announced today the release of version 4.0 of its flagship AQURIT (Affordable, Quality, Remittance Imaging Technology) product. With this release, AQURIT is the most feature-rich turnkey solution ever offered for low and medium-volume transaction processors, positioning Aquracy for continued growth with financial organizations, corporations, governments, utilities, and non-profits

AQURIT 4.0 includes improved job set-up tools; enhanced courtesy amount recognition (CAR) and legal amount recognition (LAR) features; support for additional scanner hardware platforms; streamlined image, data, and report distribution; and a hybrid processing method that eliminates error prone manual sorting and yet completes the majority of transactions in a single pass.. All of this functionality is built into the standard AQUIRT solution. An optional module also is now available for the automated processing of property management payments, and an accounts receivables conversion (ARC) solution is scheduled for release this fall.

 

The introduction of AQURIT 4.0 comes at a time when Aquracy is experiencing tremendous growth, despite the slumping economy, and growing competition in the middle market. Since the company's founding in 1999, Aquracy has doubled its revenues every year and boasts an installed base of over 70 sites nationwide. The profitable company has done all of this without any debt or outside capital.

 

From the start, Aquracy's vision has been to leverage our founders' decades of experience in high-volume, mission-critical applications to deliver a robust, turnkey solution tailored to the unique operations and business requirements of check and remittance processors. AQURIT 4.0 raises the bar for our competitors, said Aquracy President Dwight Martin. The wide array of enhancements built into the standard AQURIT 4.0 solution is further evidence of our commitment to providing users with exceptional flexibility, power, and affordability, to address their current needs, and their future challenges and opportunities.

 

Combining an enhanced look and feel with features for improved performance, management, and flexibility, AQURIT 4.0 helps users save time and money in running applications ranging from remittance processing, deposit processing, retail, wholesale or whole-tail lockbox; property management; and microfilm replacement. The streamlined and powerful job set-up tool of AQURIT 4.0 provides cost savings by greatly reducing the time required for development, installation, training, and support. Additionally, the solution's common scanning application for hardware devices from vendors such as NCR, Panini, Seac-Banche USA , and Maverick, offers users flexible and cost-effective hardware options, and extensive scalability as their business needs change.

Other enhancements in version 4.0 of AQURIT include:

• Hybrid-pass processing , using in-line CAR/LAR, the system immediately processes transactions which the check amount balances with the remittance document or coupon. Checks that don't balance with the remittance document are keyed-from-image using a network attached PC to verify the amounts. Up to 80 percent of transactions are completed immediately in the first pass. Only the remaining 20 percent of the checks require a second pass process.
• Enhanced CAR/LAR features, providing the ability to use in-line or off-line recognition, depending on the application. With this upgrade, AQURIT can recognize additional check information such as payee, date, presence of a signature, and address location.
• Simplified job set-up, which allows users to easily create or modify remittance applications and extract files, without vendor assistance. The tool also enables users to setup and run retail, wholesale, and whole-tail applications all on the same platform.
• Delivery options for creating CDs, emailing images and data to customers; creating, faxing, or emailing reports; and searching on any captured data element, including application-specific fields.

 

Other upgrades built into AQURIT 4.0 include a daily workflow graph, volume, and performance statistics for every event occurring throughout the workflow; recovery options for restoring deleted items or transactions; automated extract capabilities, which can be scheduled and/or directly populate client databases using SQL reformatting; two-pass verification for applications requiring off-line image data-entry; security integrated with Windows NT/ 2000/XP; and the ability to process in the same batch coupons with multiple OCR lines or transactions with mixed coupon types.

 

AQURIT makes it easy for customers to quickly realize the benefits of implementing an automated transaction processing solution, said Darrel Brush, vice president of Technology Unlimited Inc. an Aquracy Corporation reseller. AQURIT gives users greater control over their operations, and confidence that their transaction processing is efficient and accurate. AQURIT's unique flexibility and ease of management also allows users to better respond to new business opportunities and challenges, which is important with today's increasingly competitive market and the economic downturn.

 

About Aquracy Corp.

Founded in 1999, Aquracy Corp. has quickly become a leading provider of advanced turnkey transaction processing solutions for check, remittance, and lockbox processors. The company counts among its client's banks, credit unions, corporations, non-profit organizations, and governments. Aquracy's flagship product, called AQURIT, is a user-friendly, flexible, and highly scaleable solution that leverages technologies previously available only to large-volume processors. For more information on Aquracy, and how its AQURIT product can help your organization reduce IT costs, improve productivity, and increase customer service, visit the company's corporate Web site at www.aquracy.com .

 

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