ATLANTA, July 12, 2006 (PRIMEZONE) -- Financial Technologies, Inc. (FTI) today announced it has reached an agreement with First Horizon Bank to process paper deposits made by its customers using FTI's QuickPost(sm) deposit forwarding service. The service allows customers of participating financial institutions to forward deposits the next business day through any of the more than 4,100 domestic locations of The UPS Store(r). The terms of the agreement were not disclosed.
"Many financial institutions are looking for cost-effective ways to gather deposits and payments," said Tom Cable, president, Financial Technologies, Inc. "QuickPost is a great value-added service because it provides a fast, convenient and secure alternative for customers to forward deposits to their financial institutions and have them post the next business day. We continue to see high adoption rates and exceptional customer satisfaction scores from QuickPost users."
First Horizon Bank, with more than $37 billion in assets and offices in 46 states, becomes the sixth financial institution to join the QuickPost network since the service was introduced a year ago. QuickPost currently serves more than four million customers of participating financial institutions.
"QuickPost fits with our goal of providing our customers with the highest level of convenience and customer service," said Sarah Meyerrose, executive vice president of operations and technology for First Horizon National Corp. (NYSE:FHN), First Horizon Bank's parent company. "The new service will give our customers more than 4,100 additional locations where they can easily and securely deposit funds into their accounts."
The service is simple for customers to use and for financial institutions to implement. Customers simply take their checks and completed deposit slips to the nearest location of The UPS Store. Once there, they place their items in a QuickPost envelope for delivery. All QuickPost envelopes are then consolidated and sent via UPS Next Day Air(r) delivery to one of FTI's state-of-the-art operations centers. There, the deposits are processed and the funds are electronically routed to the customer's First Horizon Bank account.
FTI's centers are highly scalable and take full advantage of Check 21 legislation and the latest in electronic check imaging technology. Since checks can be converted to digital images and processed electronically, it dramatically reduces the time from check drop-off to availability of funds.
About FTI
Financial Technologies, Inc. is a subsidiary of NetBank, Inc. (Nasdaq:NTBK), a diversified financial services provider. FTI offers financial institutions technology solutions that include: NetServ(sm), a private-label Internet banking solution; QuickPost(sm), a deposit and payment forwarding service; and PowerPost(sm), a remote deposit capture service. For more information, call 1-866-441-4FTI.
About First Horizon
First Horizon Bank is a division of First Tennessee Bank National Assoc. and part of First Horizon National Corp. (NYSE:FHN), whose 13,000 employees provide financial services to individuals and business customers through hundreds of offices located in more than 40 states. The corporation's three major brands -- FTN Financial, First Horizon and First Tennessee -- provide customers with a broad range of products and services including:
-- Capital markets, one of the nation's top underwriters of U.S.
government agency securities
-- Mortgage banking, one of the nation's top 20 mortgage originators
and top 15 servicers, which earned a top-10 ranking in customer
satisfaction from J.D. Power and Associates
-- Retail/commercial banking, with the largest market share in
Tennessee and one of the highest customer retention rates of any
bank in the country
FHN companies have been recognized as some of the nation's best employers by AARP, Working Mother and Fortune magazines. FHN also was named one of the nation's 100 best corporate citizens by Business Ethics magazine. More information can be found at www.fhnc.com.