NEW YORK, Aug. 25 /PRNewswire-FirstCall/ -- The American Bankers
Association (ABA) has renewed its exclusive endorsement of BISYS as the
preferred provider of check imaging solutions for community banks. The BISYS
endorsement is based on its comprehensive suite of imaging services, as well
as the company's ongoing commitment to the community bank market.
ABA-endorsed providers earn the ABA's support only after a thorough due
diligence review by its affiliate, the Corporation for American Banking (CAB).
The ABA also exclusively endorses BISYS as the preferred provider of core
processing solutions for community banks.
This announcement comes when many banks are seeking to take advantage of
the Check Clearing for the 21st Century Act, also known as Check 21. BISYS'
speed to market with Check 21 solutions illustrates why BISYS remains the
ABA's endorsed provider, according to John Wolff, executive director, CAB.
"BISYS is proactive in developing the technology and service solutions
that community banks need to compete successfully in their respective markets.
During the course of our relationship, we have repeatedly observed that BISYS
is in tune with the competitive and regulatory pressures facing bankers, and
consistently provides innovative and timely solutions to address those
pressures. We consider BISYS a leader in the banking arena, and we are proud
to renew our exclusive endorsement of its check imaging suite," said Wolff.
According to Bill Neville, president of BISYS Information Services, "I am
delighted that the ABA has elected to renew its exclusive endorsement of
BISYS. Coming on the heels of Check 21 legislation, this renewal not only
validates our imaging solutions, but also our ability to respond in an
effective and timely manner to regulatory, operational, and competitive
changes within the industry. I thank the ABA for its continued trust and
confidence in BISYS, and I look forward to a long and healthy relationship
between our organizations."
About the Corporation for American Banking
The Corporation for American Banking, L.L.C., a subsidiary of the American
Bankers Association, awards the ABA endorsement to products and services that
help banks improve profitability and compete more effectively. ABA-endorsed
programs range from mission-critical insurance, capital management and
technology services to income-enhancing financial marketing products.
About the American Bankers Association
Based in Washington, D.C., the ABA represents banks of all sizes on issues
of national importance for financial institutions and their customers. The
ABA, founded in 1875, brings together all categories of banking institutions,
including community, regional and money center banks and holding companies, as
well as savings associations, trust companies and savings banks.
About Check 21
Check 21 encourages check truncation by removing the legal impediments
that historically required the delivery of original paper checks to paying
institutions in order to constitute legal presentment. Check 21 allows paper
checks to be converted into images and cleared through the payments system
electronically. Only checks for paying institutions that cannot accept
electronic check delivery must be converted back into paper checks.
About BISYS Document Solutions
BISYS' industry-leading check imaging solution has re-invented every
aspect of item processing for more than 1,100 organizations by converting
paper-based checks into digital or "virtual" checks and processing them
electronically. This industry-leading solution is integrated with best-of-
breed document imaging and image-based remittance processing solutions to
provide one of the most complete imaging platforms available. The American
Bankers Association (ABA), through its Corporation for American Banking (CAB)
subsidiary, exclusively endorses BISYS' check imaging solution as the
recommended solution for community banks.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $750 billion in
assets under administration. BISYS' largest group also provides retirement
services to more than 18,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive information through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance Services group, BISYS is
the nation's largest independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, long-term care, disability, and annuity products. BISYS is also the
nation's second largest independent wholesale distributor of commercial
property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with approximately
350 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://www.bisys.com .
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting The BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'s periodic filings with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
John Hall, Associate Director of Public
Relations of American Bankers Association, +1-202-663-5473; or
Bill Neville, President of BISYS Information Services,
+1-781-829-8000
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