12 OF THE TOP 25 U.S. BANKS JOIN THE ENDPOINT EXCHANGE NETWORK IN 2006
OKLAHOMA CITY, Dec. 27, 2006 - Endpoint Exchange LLC, a Metavante company, today announced that 12 of the country’s top 25 banks (by asset size) have joined the company’s growing national check image exchange network in 2006. These new member institutions are industry leaders in the electronification of check payments, investing millions of dollars in imaging technology and infrastructure. They represent several of the largest volume check processing institutions in the country, processing and clearing millions of checks and check-related items each day.
“Membership in the Endpoint Exchange Network will provide these top-tier banks with the full interoperability to exchange, clear and settle check images with more than 4,000 Endpoint Exchange member institutions across the country, regardless of asset size or check imaging platform,” said Jeff Vetterick, general manager, Endpoint Exchange LLC. “In return, all of these new member banks own a large geographic footprint and bring extensive branch networks and thousands of new routing and transit endpoints for our existing members for image exchange.”
Appealing to community and mid-tier banks, Endpoint Exchange also meets the needs of much larger institutions as they look to seamlessly exchange check images with thousands of mid-range and community financial institution members of the Endpoint Exchange Network in every Federal Reserve district. In the past, disparate check imaging platforms created an environment that discouraged electronic check image exchange and resulted in continuously rising costs for clearing and settlement, primarily due to ever-increasing transportation costs and the closing of more Federal Reserve check processing sites.
Endpoint Exchange, a leading electronic check image exchange provider for the financial services industry, serves the needs of a diverse group of the country’s leading financial institutions, check imaging software developers, and image-item processing outsourcers. Endpoint Exchange’s support of industry standard exchange formats provides the full cross-platform interoperability that financial institutions need to exchange check images in a multi-lateral environment. The financial institution members of the Endpoint Exchange Network include more than 4,000 banks of all sizes, credit unions, corporate credit unions, savings institutions, and service bureau members across the country. Additionally, Endpoint Exchange has established system connectivity for the electronic exchange of check data and images with the other premier national check image exchange networks that process millions of items per day.
“Membership in the Endpoint Exchange Network will enhance the services and expand the reach of the image exchange programs of all these top-tier banks,” said Vetterick.
About the Endpoint Exchange Network
The Endpoint Exchange Network enables U.S. financial institutions to clear their check-based transactions by exchanging check images between member institutions. The Endpoint Exchange Network (www.endpointexchange.com) is the country’s first electronic check-clearing network that capitalizes on existing imaging infrastructure and settlement relationships, with the interoperability to connect to every endpoint in the nation. Metavante Corporation (www.metavante.com) is a leading provider of image-based check processing and distributed image-capture solutions, which include the Endpoint Exchange Network. Metavante delivers banking and payment technologies to financial services firms and businesses worldwide and is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).