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  • CORRECTING and REPLACING NCR Finds 93 Percent of Bankers Surveyed to Implement Check Imaging by 2005 - President Bush Signs Revolutionary Check 21 Legislation

Press Release

CORRECTING and REPLACING NCR Finds 93 Percent of Bankers Surveyed to Implement Check Imaging by 2005 - President Bush Signs Revolutionary Check 21 Legislation

October 28, 2003 at 4:53 PM EST
PDF Version

DAYTON, Ohio, Oct 28, 2003 (BUSINESS WIRE) -- In BW5883 issued Oct. 28, 2003: Third graph, fifth line should read: inherent benefit (sted inherit benefit).

The corrected release reads:

NCR FINDS 93 PERCENT OF BANKERS SURVEYED TO IMPLEMENT CHECK IMAGING BY 2005 - PRESIDENT BUSH SIGNS REVOLUTIONARY CHECK 21 LEGISLATION

As President Bush signed the Check Clearing for the 21st Century Act (Check 21) into law, leading U.S. banks continued to prepare for the legislation's impact on the national payment system. NCR Corporation (NYSE:NCR), which has been instrumental in leading the effort to adopt Check 21, recently hosted a two-day forum on check-clearing reform at which 93 percent of the nation's top bankers in attendance indicated they would implement check imaging by 2005.

Check 21 legalizes the use of a substitute check in the clearing system, opening the door for check imaging and check truncation, reducing cost for banks and increasing convenience for consumers.

"Check 21 is the most important legislation to hit the banking industry in decades," said NCR President and Chief Executive Officer Mark Hurd, who attended the Check 21 signing ceremony at the White House. "NCR has testified to Congress several times on this issue because we believe in the inherent benefit it provides to our customers and to the financial services industry. NCR is uniquely positioned to support these initiatives with the highest-quality, proven imaging solutions on the market."

NCR has hosted several seminars for banking industry executives to discuss the impact of Check 21, most recently calling upon some of its top customers to set the stage for the discussion. This included Grant Cole, senior vice president, industry and government relations for operations and technology, Bank of America; Eric Eisenberg, director of operations, FleetBoston Financial; Jeffrey Kline, senior vice president, strategic project director, Wells Fargo; and Don Andres, vice president of business applications for Fifth Third Bancorp. More than 20 of the nation's leading banks were represented.

A survey of the audience revealed the most critical issues and opportunities for banks preparing for the anticipated move to check image exchange and truncation. Attendees were asked to rate the importance of several identified issues for their relevance in the next year and in the next three to five years.

Business and operational issues were rated by 60 percent of the survey respondents as the biggest challenge to address in response to Check 21. Discussions at the two-day seminar confirmed the leading importance of image quality standards and the cost, quality and customer acceptance of image replacement documents (IRDs). Each survey respondent agreed that all banks should utilize image quality detection during capture and correct for usable images. Eighty percent selected IRD costs as the initiative that will most negatively impact check truncation. The survey also revealed that 86 percent believe an industry-wide consumer education program is "highly important" or "important."

Despite the inherent challenges of preparing the industry and the public for Check 21 changes, 93 percent of the survey respondents indicated they would implement check image exchange by 2005.

NCR also conducted a similar survey at an earlier seminar it co-hosted with Fleet Bank. Ninety-four percent of attendees rated process improvement for envelope deposits as "highly important" or "important." Eighty-five percent similarly rated image-enabling their ATMs. These bankers were also concerned with improving the customer deposit experience. NCR has demonstrated overwhelming consumer acceptance of imaged ATM receipts with deposit transactions.

About NCR Corporation

NCR Corporation (NYSE:NCR) is a leading global technology company helping businesses build stronger relationships with their customers. NCR's ATMs, retail systems, Teradata(R) data warehouses and IT services provide Relationship Technology(TM) solutions that maximize the value of customer interactions. Based in Dayton, Ohio, NCR (www.ncr.com) employs approximately 29,300 people worldwide.

NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries.

SOURCE: NCR Corporation 

NCR Corporation
Lorraine Russell, 937-445-3784
lorraine.russell@ncr.com

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