Vsoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, has been selected by CIBC FirstCaribbean International Bank to provide back counter check processing and settlement solutions (view press release). Through implementing these solutions, the bank hopes to meet the new Eastern Caribbean Currency Union Clearing House Electronic Settlement & Clearing standards which will come into force later this year. The bank plans to implement the solution in 15 branches across seven islands. In addition, the bank will deploy Vsoft’s image exchange solution, exceptions processing for both outgoing and incoming returns and duplicate detection and archival retrieval applications.
Vsoft’s back counter capture solution provides automated image and data workflows, which capture, correct and balance transactions and include validation features. Its image exchange product, which features rules-based sorting, aims to help the bank expedite procedures and lower transportation costs.