eGistics, Inc., today announced that FirstBank, a Lexington, TN-based regional bank serving the communities of Tennessee with over 45 branches, has deployed the eGistics i-Remit solution for long-term remittance and check archival. FirstBank was founded as Farmers State Bank in 1906. The hosted eGistics solution will help FirstBank improve operating efficiency and enhance client service, while streamlining compliance and payments reporting for the bank's wholesale lockbox customers.
The eGistics solution supports FirstBank's check processing and wholesale lockbox lines of business, automating the storage, management and retrieval of images and data from checks, remittance stubs, and correspondence.
eGistics' i-Remit archive solution easily integrated with the bank's legacy remittance solution, enabling FirstBank to be in live production with the solution within a few weeks. The eGistics solution is integrated with the bank's in-house AQ2 platform for lockbox processing, and with Parsons, TN, based Group Data Services, Inc., which provides the bank with outsourced check processing services. The eGistics hosted archive provides a common data and image repository across the applications, allowing users to retrieve information from a single solution.
i-Remit also offers a high level of client configuration and control, allowing regional banks like FirstBank to offer delivery options that match or surpass those offered by large institutions.
"By providing on-demand access to images and data, the eGistics archive helps our lockbox clients make faster and better cash management decisions, while ultimately improving our customer service, operations efficiency and profitability," said FirstBank Vice President Bobby Price. "Working with eGistics, we have new and powerful ways to manage check and payments information. The eGistics team exceeded our expectations in understanding our industry and business requirements and we look forward to the substantial enhancements that eGistics will bring to our business capabilities."
An important factor in FirstBank's decision to work with eGistics was the hosted architecture of the company's archive, which requires no upfront capital investment and no annual maintenance fees.
"eGistics helps community banks change the economics of image and data archive by delivering a full range of hosted services," commented eGistics Executive Vice President of Sales and Corporate Development R. Edwin Pearce. "Our business model enables institutions like FirstBank to easily and economically deploy world-class archive-driven solutions in ways that meet their business needs. In this instance, FirstBank took advantage of our rapid deployment model, which allows our clients to implement our i-Remit platform to be fully operational in a matter of weeks."