Net.B@NK Common Stock (MM) (NASDAQ:NTBK)
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Financial Technologies, Inc. (FTI) today announced it
has reached an agreement with USAA Federal Savings Bank to process
paper deposits made by its customers using FTI's QuickPost(SM) deposit
and payment forwarding service. The service allows customers of
participating financial institutions to forward deposits or payments
overnight through any of the 3,900 domestic locations of The UPS
Store(R). The terms of the agreement were not disclosed.
"Many financial institutions with limited physical presence are
looking for cost-effective ways to gather deposits and payments," said
Tom Cable, president, Financial Technologies, Inc. "QuickPost is a
great value-added service because it provides a fast, convenient and
secure alternative for customers to deposit funds into their account
no matter where they are located.
"We continue to see interest in the service and believe we can
grow the network of participating institutions over time," Cable
added.
The service is simple for customers to use and financial
institutions to implement. Customers simply take their check and
completed deposit slip to the nearest location of The UPS Store(R).
Once there, they place their item in a QuickPost envelope for
delivery. All QuickPost envelopes are then sent via UPS Next Day Air
delivery to a state-of-the-art deposit and payment processing center.
There, the deposits are processed and the funds are electronically
routed to the customer's bank account.
The center is highly scalable and was designed to take full
advantage of Check 21 legislation and new electronic check imaging
technology. Since checks can be converted to digital images and
processed electronically, it dramatically reduces the time from check
drop-off to availability of funds.
In March, FTI completed its initial deployment of QuickPost with
NetBank, an Internet bank located in Atlanta. FTI began marketing the
service to other financial institutions shortly thereafter, and FTI
plans to sign up additional institutions for the service.
About FTI
Financial Technologies, Inc. is a subsidiary of NetBank, Inc.
(Nasdaq: NTBK), a diversified financial services provider and parent
company of NetBank(R) (www.netbank.com). The company offers financial
institutions technology solutions that include: NetServ(SM), a
private-label Internet banking solution; QuickPost(SM), a deposit and
payment forwarding service; and PowerPost(SM), a remote deposit
capture service. For more information, call 1-866-441-4FTI.