Solutran and RDM Partner to Bring Point-Of-Sale Check Conversion to Merchants
Combined expertise creates the industry’s most complete and flexible system
Solutran and RDM Corporation (TSX:RC), a provider of check payment solutions, will combine strengths to offer merchants a complete point-of-sale check conversion service. The alliance combines RDM’s Image and Transaction Management System (ITMS) check processing platform with Solutran’s expertise in back-end transaction processing and reporting.
"We formed this alliance to offer merchants a full-featured electronic check payments offering that includes transaction processing and consolidation as well as ACH origination and a complete line of returns management services," said Tom Kettell, vice president of marketing, RDM Corporation. "The RDM/Solutran combination makes this the most comprehensive check processing system in the industry."
The RDM ITMS processing platform is a Web-based system that captures and manages transaction data and images generated from check payments. The ITMS system supports all check payment transaction types and provides a complimentary front-end system to Solutran`s back-end processing and reporting capabilities. Solutran has created the industry’s only forward item and returns processing solution that consolidates all reporting via a secure internet connection.
Today, Solutran is the largest provider of return check management services in the country, currently processing over 25 percent of the total RCK transactions originated nationwide. The extensive experience gained in returns management is being applied to point of sale conversion to more effectively manage administrative returns, create substitute checks if needed, and manage all the ensuing data from the conversion process.
"Our clients are looking for a cost-effective way to migrate to conversion at the point of sale. We base our platform on the ACH network because it provides a reliable, low-cost alternative to more expensive debit/credit clearing networks," said Dave Roy, vice president, Solutran. "The combination of Solutran and RDM creates the complete, flexible and cost-effective check conversion offering that’s currently missing in the marketplace."
Point-of-sale check conversion converts paper checks presented at the point of sale into safe and efficient electronic transactions that are processed via the ACH, the Federal Reserve-supported payment network. This reduces check handling and clearing costs and can dramatically speed up the settlement process. Check conversion can also reduce NSF returns and significantly improve cash flow.
About RDM Corporation
RDM Corporation is headquartered in Waterloo, Ontario and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading developer of specialized software and hardware products for electronic payment processing. RDM has pioneered electronic check conversion systems and web-based image and transaction management services for banks, retailers, payment processors and government agencies. RDM’s newest offering is its innovative and proprietary ITMS processing solution whereby transaction information can be remotely captured and processed electronically from distributed locations, freeing up significant customer float time and significantly reducing costs associated with returned checks. For further information, visit rdmcorp.com.
About Solutran
Since 1984, Solutran has provided a full range of treasury management solutions to businesses that process a high-volume of consumer payment transactions. Solutran’s customized solutions span the payment spectrum, from paper check processing and conversion to fully electronic payment processing. Services offered include depository processing, accounts receivable conversion, controlled disbursement services and returned check management and conversion services. Solutran is the leading provider of returned check management services in the country. Headquartered in Minneapolis, Solutran has 70+ employees at its corporate office and maintains relationships with ten affiliate processing centers across the United States and Canada. For more information, visit solutran.com or call 888.SOLUTRAN (888.765.8872).
Contact:
Solutran
Kristin DeCoster
763-519-7852
kdecoster@solutran.com
or
RDM
Tom Kettell
952-906-3996
tkettell@rdmcorp.com
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