Carreker Corporation is teaming up with Wells Fargo to develop a software package for sending and receiving cheque images, based on its electronic cheque presentment (ECP) technology, CheckLink.
Carreker will market new software, called ExchgLink, to financial institutions and archive providers.
The software is designed to enable banks to truncate cheques entirely, exchanging only images. ExchgLink will support image exchanges for both shared and in-house archives and will accommodate both pre and post-Check 21 conditions. Mitch Christensen, executive vice president, payment strategies, Wells Fargo, says: "Before we get to the point of 100% image exchange, we must be able to support all the transition phases in between."
Besides the basic functions of image send and receive, the product will also support item-level reconciliation and will interface with Carreker's Image Inspector software and back office products Inbound Returns Express, Adjustments Express and Exceptions Express.
ExchgLink will comply with systems requirements defined by the Small Value Payments Company (SVPCo), a bank-owned private sector payment system.
Wells Fargo and Carreker expect to test ExchgLink in fourth quarter 2003 and to be in production in early 2004.