Metavante Joins Forces With Microsoft to Promote Endpoint Exchange Check Image-Sharing Network
Customers include Bank of America, following recent agreement with Viewpointe.
OKLAHOMA CITY — Dec. 6, 2005 — Endpoint Exchange LLC, a Metavante company, today announced that it has joined forces with Microsoft Corp. to promote the Endpoint Exchange Network, which processes millions of check images for U.S. financial institutions of every asset size and is built on Microsoft® .NET architecture.
Endpoint Exchange is the backbone of a service that handles the movement of check images between financial institutions, service bureaus, clearinghouses and the Federal Reserve, providing national, multilateral net settlement for truncated, image-based checks. The Endpoint Exchange Network — with more than 5,000 customers, 3,500 of them now live with the system — delivered 8 million images to paying financial institutions in September 2005. Because the Endpoint Exchange Network was built on the Microsoft .NET Framework, it can quickly and easily increase capacity as volumes increase.
“The success of the Endpoint Exchange Network is the result of a technological vision that has allowed thousands of financial institutions to handle and clear checks more efficiently and profitably over the past three years,” said Warren Lewis, industry manager of U.S. Banking for the Financial Services Group at Microsoft. “Microsoft’s own experience Banking vision aligns well with the Endpoint Exchange Network’s charter of improving the operational experiences of banks, and we’re pleased to promote this project.”
The Endpoint Exchange Network fully supports the traditional X9.37 standard for image exchange but is also an active participant on the ACS X9 Committee, which is developing a new standard, X9.81, designed specifically for the exchange of data between banks. The X9.81 standard is based on XML technology. Microsoft .NET enables Endpoint Exchange software developers to easily and flexibly use XML throughout its application.
“The major benefits provided by the Microsoft .NET technologies are the sharp increase in developer productivity and the new technology paradigm that will allow us to quickly implement features that the check image exchange and electronic clearing and settlement process demands,” said Jeff Vetterick, general manager, Endpoint Exchange LLC. "This is vital for an industry that is rapidly moving toward full truncation and national image exchange. I can see a future where the Endpoint Exchange Network will process more than 30 billion items annually.”
On Nov. 12, Endpoint Exchange and Charlotte, N.C.-based Viewpointe announced that the two companies are establishing system connectivity to enable the electronic exchange of check data and images between their respective member financial institutions, with settlement through the National Clearing House (NCHA). All members of both Endpoint and Viewpointe are able to take advantage of the increased connectivity, with one of the largest Viewpointe members – Bank of America – first in line to implement.
About Microsoft experience Banking
Experience Banking is a Microsoft initiative that helps banks change the customer, employee and operations experience so they can maximize opportunities for increased market share and profitability. The initiative was launched with the support of leading software, hardware and systems integration partners delivering solutions based on the Microsoft platform. Experience Banking is designed to help banks differentiate their brands and achieve a competitive advantage with increased employee satisfaction and productivity, faster response to changing market needs, and reduced total cost of ownership. More information can be found online at http://www.microsoft.com/experiencebanking.
Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
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 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. Endpoint Exchange LLC, a Metavante company, operates the Endpoint Exchange Network, www.endpointexchange.com. Metavante Corporation (www.metavante.com) is a leading provider of image-based check processing and distributed image-capture solutions through the Endpoint Exchange Network, Advanced Financial Solutions (AFS), and VECTORsgi. Metavante delivers banking and payment technologies to financial services firms and businesses worldwide and is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
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