US financial services firm KeyCorp is to begin testing Carreker Corporation's cheque image exchange software, ExchgLink.
Carreker developed ExchgLink with US bank Wells Fargo. The system is designed to enable banks to truncate cheques entirely, exchanging only images. KeyCorp will also install Carreker's Image Inspector product which analyses cheque images and flags low-quality items for repair.
Under the agreement, KeyCorp has agreed to be a beta partner and will test the products along with Wells Fargo. The banks will use the products to exchange images over the Distributive Traffic Agent (DTA), a network that is being developed by the Small Value Payments Company (SVPCo) to handle large volumes.
Mike Barnum, executive vice president, client services group, KeyCorp, says: "Using Carreker's image exchange and image quality products, we will provide our clients with faster and increased access to information, reduce their exposure to fraud and provide a more efficient payment process."
KeyCorp already uses Carreker's electronic cheque presentment (ECP) technology, CheckLink.