TFP to Provide "Check 21" Clearing Through Zions Bank's Electronic Cash Letter Clearing Product
TFP and Zions Bank have completed an agreement to co-market to TFP bank customers Zions' Electronic Cash Letter Clearing products.
SALT LAKE CITY, UT (PRWEB) October 21, 2004
In a joint statement, made today, TFP (formerly Thomson Financial Publishing), a division of Thomson Media and a leading provider of information and technology solutions to the worldwide financial community, and Zions First National Bank (“Zions Bank”), a subsidiary of Zions Bancorporation (NASDAQ: ZION), announced the completion of an agreement between the two companies to co-market to TFP bank customers Zions’ Electronic Cash Letter Clearing products, which are powered by NetDeposit® software.
One of these products — branded as eTranscheque® outside of the United States — will allow international customers to transmit check images to Zions Bank for deposit. The product allows banks to clear checks electronically and avoid the significant cost of physically transporting items to U. S. banks for presentment.
Glenn Gottfried, president of TFP, said, “We are excited to provide this check clearing opportunity to our customers at a reasonable cost. The Zions Bank partnership opens the door to an unprecedented potential for our client banks to improve the speed with which checks, deposited by their customers, can be cleared.”
A. Scott Anderson, president and CEO of Zions Bank agrees, “This relationship will not only allow bankers to clear all of their checks into a single account at Zions Bank, but it will also help them to eliminate courier costs and legal expenses, and to reduce charge-offs from returned checks. We are very pleased to have an opportunity to work with a world-class company like TFP and their clients in this effort.”
Both companies anticipate that TFPÂ’s client banks will be able to use the new system as soon as Check 21 legislation becomes effective on October 28, 2004.
About TFP and Thomson Media
TFP (www. TFP. com) is a leading provider of data and software solutions for financial and corporate institutions worldwide. TFP’s product lines include Payment Efficiency, Risk Reduction, Marketing Services, Reference Tools for Banking™ and Specialized Outsourcing. TFP’s solutions assist in accurately originating payments to realize higher payment STP rates; facilitating the repair of rejected transactions; ensuring compliance with global anti-money laundering and anti-terrorism requirements and guidelines, including the USA PATRIOT Act, Bank Secrecy Act, Wolfsberg Principles, regulatory agencies such as the U. S. Treasury’s OFAC and policy-making bodies such as the Financial Action Task Force. TFP maintains the most authoritative and comprehensive databases of financial institutions globally and has been the official routing number registrar for the American Bankers Association since 1911. TFP is a division of Thomson Media (www. thomsonmedia. com), a leading provider of information, data and software tools for professionals in the financial services and related technologies markets.
About The Thomson Corporation
The Thomson Corporation (www. thomson. com), with 2003 revenues of $7.6 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. With operational headquarters in Stamford, Conn., Thomson has approximately 43,000 employees and provides services in approximately 130 countries. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
About Zions Bank
Zions Bank is a subsidiary of Zions Bancorporation, which operates approximately 400 full-service banking offices. Founded in 1873, Zions Bank has been serving correspondent banks and financial institutions for more than 130 years. In addition to Zions Electronic Cash Letter Clearing (powered by NetDeposit® software), which provides nationwide, overnight check clearing, Zions is a fixed-income securities dealer, offering online, executable Bond Trading with GovRate. com, Portfolio Accounting, Safekeeping, Fed Funds Sweep Investment Accounts, Foreign Exchange services, Web-based insurance and first mortgage products for community banks. See a complete list of products and services at www. zionscorrespondentbanking. com.
About NetDeposit, Inc.
The NetDeposit® software is provided by NetDeposit, Inc., a leading innovator of Check 21 software products for banks, third party processors, and commercial businesses to enable distributed capture, point of entry truncation, optimized clearing, and full settlement reporting. NetDeposit, Inc.’s product suite operates from a robust and highly scalable technology platform that electronifies paper and manages item level clearing through the optimal eligible channel — whether a clearing house, Fed Reserve or paying bank. NetDeposit, Inc. is a wholly owned subsidiary of Zions Bancorporation with offices in Salt Lake City, Utah and San Mateo, California. More information can be found at www. net-deposit. com. NetDeposit® is a registered trademark of NetDeposit, Inc.
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