TECHNOLOGY COMPANIES FORM ALLIANCE TO CONVERT CHECKS TO ELECTRONIC PAYMENTS

TORONTO, CANADA/SAN ANTONIO, TX (June 14, 2002) Creditron Corporation and Ventanex Ltd. announced today that they have formed a strategic alliance for the electronic conversion of check payments. Under  new banking regulations which came into effect March 15, 2002 personal checks received through the mail or over the counter may be scanned to capture the image and data, and an electronic file presented to for electronic clearing through the ACH (Automated Clearing House) network, which cleared over 7 billion electronic payments in 2001.  The original check is then destroyed, and the image retained as an electronic record of the transaction. The Creditron/Ventanex solution automates the posting of payments, provides faster availability of funds, and facilitates more efficient handling of returned checks.

This new technology is targeted towards high volume billers that still receive significant volumes of checks - including government, utilities, banks, insurance companies, mortgage companies and non-profit organizations – and promises to streamline the flow of their payments. Creditron’s President, Wally Vogel commented “The real strength of this new solution is that it replaces the paper check clearing process with a much more efficient electronic process, but doesn’t require the typical consumer to change their behavior – they can keep writing checks as they always have. Of course, for the tech-savvy consumers the solution allows payments to be initiated by web or telephone as well. Whatever the source, paper or electronic, the end result is an electronic payment that is posted and cleared efficiently and securely.  

Creditron Corporation provides innovative and effective solutions to payment processing challenges. Creditron’s software is the leading edge in processing all types of payments including checks, money orders, credit card payments, and electronic payments. Creditron serves government clients at all levels, as well as financial institutions, insurance companies, utilities, and other organizations that process a large volume of payments. Creditron is an authorized reseller of NCR payment processing hardware, a Microsoft Certified Partner, and a Microsoft Great Plains Business Solution Partner. 

For information:  

www.creditron.com

1-800-704-8777

info@creditron.com

Ventanex Ltd. is the first choice for companies that want to take time-intensive paper processes and turn them into a seamless stream of electronic data by integrating their back-end accounting systems with their suppliers and customers. Ventanex enables companies to cut overhead costs, streamline back-end processes and become more efficient—and thus more profitable. All of their products and services are implemented more effectively because of our blend of high performance tools, people and partners.
 

For information:

www.ventanex.com

1-888-321-EBIZ (3249)

sales@ventanex.com