Software as a Service (SaaS) business model adds value for community bank strategy
Billerica, MA - February, 10, 2009 — Orbograph Ltd, a leading developer of recognition solutions for the U.S. check processing market, announced today that Whitaker Bank Corporation of Kentucky has selected its Automation 08 recognition service to run on the bank’s Open Solutions’ ISCheck™ proof of deposit image system.
Using the Automation 08 software as a service business model will enable Whitaker Bank to approach straight-though-processing (STP) levels of efficiency, targeting automation levels of 98% with 99% accuracy. Automation 08 service, as part of Whitaker Bank’s implementation for centralized capture, will provide benefits for improving efficiencies in data entry and balancing and streamlining the image process workflow. Whitaker Bank processes 55,000 – 80,000 items per day.
“Whitaker Bank has utilized Orbograph’s recognition technology since 2003 as part of the ISCheck™ platform,” explained Tom Hinkebein, Chief Operating, Information, and Technology Officer for Whitaker Bank Corporation. “We were searching for a migration plan from our original Orbograph system. Automation 08 was a great fit for us, providing significant operational improvements without capital investment.”
“Providing recognition software as a service versus software license can provide tremendous value to community banks and holding companies like Whitaker,” stated Andy Leonhardt, Vice President of Sales for Orbograph. “As we look at the opportunities for 2009, innovative SaaS-type solutions like Automation 08 that minimize upfront costs can offer outstanding advantages to existing and new clients for addressing the demanding requirements of cost reduction, while still keeping pace with technology innovation.”
About Whitaker Bank Corporation
Whitaker Bank Corporation of Kentucky has expanded from five locations within three counties and total assets of $59 million to 56 locations within 17 counties and combined total assets of $1.8 billion. Whitaker Bank Corporation of Kentucky continues to be a family owned bank holding company that is dedicated to offering advanced banking services while maintaining the personal service expected of a community bank.
About Orbograph
Orbograph Ltd. ( www.orbograph.com) is a leading developer of recognition solutions for the U.S. check processing and business process outsourcing markets. Orbograph’s technologies are in use at hundreds of banks, financial institutions and service bureaus across North America, processing millions of documents each day. Through its automation and recognition solutions, fraud detection, business process outsourcing technologies and image quality assurance applications, Orbograph enables customers to reduce costs, improve operational efficiencies and achieve rapid ROI.