Federal Reserve Banks have signed an agreement with Viewpointe(R), a provider of check image exchange and archive services, to store their check images with Viewpointe.
As a Viewpointe archive user, the Federal Reserve Banks are the latest to join several of the nation’s largest institutions in having access to one of the most robust common archives in the industry. The Reserve Banks’ archive currently contains nearly 10 billion check images and serves more than 1,000 financial institution customers. Their check image volume will substantially increase Viewpointe’s current archive volume of more than 127.8 billion images stored, solidifying it as a truly national, trusted archive.
Viewpointe worked closely with the Reserve Banks to develop a plan that would benefit the Reserve Banks and offer a transparent transition to their customers. Moving the storage of images in the FedImage(R) archive to Viewpointe will be seamless to customers and will take place over the next 18 months.
“The decision to move the storage of check images to Viewpointe is consistent with other efforts in recent years to reduce our check infrastructure costs and maintain long-term viability,” says Fred Herr, senior vice president, Federal Reserve Bank of Atlanta. “This move allows us to offer our customers state-of-the-art storage technology, reliability and resiliency.”
“We’re proud that the Reserve Banks made this decision to trust us with this important function,” says Lou Buglioli, chairman and CEO, Viewpoint. “It speaks to our proven track record for the highest standards related to customer requirements, risk management and data security.”
“The Reserve Banks’ decision is consistent with how organizations are strategically responding to cost challenges in this difficult economic environment,” says Diane Scott, president, Viewpointe Emerging Business. “With its shared infrastructure, the Viewpointe archive allows the Reserve Banks to share fixed costs among multiple financial institutions instead of single-handedly absorbing the total cost of archiving.”
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