NEW YORK, May 14, 2007 (PRIME NEWSWIRE) -- The financial services industry hit a watershed moment as Viewpointe (www.viewpointe.com), the nation's leading provider of check image services, announced it has reached 100 billion check images in its archive. This is equivalent to storing roughly 750 copies of the information stored in the Library of Congress. Viewpointe accomplished this remarkable feat in only 6 years. The archive is growing by a rate of 100 million images per day and at this pace it should double in size to 200 billion images by 2010.
In addition to making Viewpointe's archive the largest in the world, the milestone demonstrates the pace of the industry-wide effort to move check electronification forward. The Viewpointe archive is utilized by financial institutions nationwide to not only address the need for data storage but also security, data management, business continuity and disaster recovery services to ensure the safety of customer data.
The archive is one part of Viewpointe's comprehensive suite of solutions for financial institutions. Viewpointe also offers Pointe2Pointe, a non-archive solution that allows organizations to quickly implement check image exchange and connect to all of the nation's endpoints.
"It's rare in our industry to see so many institutions coming together to make such a milestone possible," said Viewpointe CEO Lou Buglioli. "This remarkable achievement has only occurred through incredible teamwork, advanced technologies and the extraordinary effort of forward thinking organizations that are working to move the industry ahead."
Viewpointe's archive provides financial institutions with a trusted repository for their check images, reducing the burden and expense of maintaining and constantly upgrading their own in-house archives. Its massive capacity and sub-second retrieval times make it ideally suited to handle check images for online banking, Day 2 reconciliations and challenges, statement renderings and fraud detection. In fact, the Viewpointe archive is so advanced, that customers can request and retrieve a single image from the 100 billion images stored in less than one second.
"The efficiency of the Viewpointe archive is just one reason SunTrust believes this is the right solution for us," said Vicki Bitzis, a senior vice president at SunTrust and the director of operations in its enterprise information services unit. "In addition to the massive image store, we are reassured by the security and redundancy in place to protect our valuable customer information."
The 100 billion check images stored in the Viewpointe archive is a staggering figure that totals 15 petabytes of storage. If laid end-to-end, these checks would circle the globe 381 times, go up and down the Empire State Building 40,000 times and reach the moon and back 39 times. The archive is growing at a rate of 100 million images per day and represents more than $1.1 trillion in checks written in the United States.
The Viewpointe archive was designed to meet the strictest industry standards set forth by Viewpointe's owners and users including Bank of America, JPMorgan Chase, SunTrust, U.S. Bank and Wells Fargo, using the technology from fellow owner, IBM. This unprecedented, industry-wide collaboration is the by-product of the most trusted and secure archive in the nation.
About Viewpointe
Viewpointe is the leading provider of check image exchange and archive services in the United States. Dedicated to helping financial institutions get connected to all of the nation's endpoints, Viewpointe is moving the industry closer to full check electronification. Viewpointe's core services, Pointe2Pointe, ImageShare and Image Storage, are designed to streamline the check payments process and promote image exchange and sharing on a national scale. Backed by top tier institutions including Bank of America, JPMorgan Chase, SunTrust, U.S. Bank, Wells Fargo and IBM, Viewpointe is actively helping financial institutions to rapidly transform their paper intensive check payment operations into an electronic payments business. Founded in 2001, Viewpointe is headquartered in New York, with offices in New Jersey, North Carolina and Texas. For more information, go to www.viewpointe.com.
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