Farmington Savings Bank Selects Goldleaf's Imaged-based Remittance/Lockbox Solution
Bank Replaces Existing Payment Processing System with Goldleaf's Merchant Remit
September 6, 2007
BRENTWOOD, Tenn.--(BUSINESS WIRE)--Sept. 6, 2007--Goldleaf Financial Solutions, Inc. (NASDAQ:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today announced that Farmington, Conn.-based Farmington Savings Bank has selected Goldleaf's Merchant Remit image-based remittance/lockbox system. Merchant Remit improves processing speed and accuracy for check payments -- with or without coupons or other types of supplemental payment documentation.
In deciding to replace another remittance system, the bank selected Goldleaf's Merchant Remit with its "project builder" module due in part to the capability to pre-define item processing rules for specific lines of business. With this technology, Farmington Savings Bank provides customized processing to a major property management company with 65 separate entities, generating hundreds of checks per day for deposit.
"Goldleaf's remittance/lockbox solution is built on a commercial-based platform and easily interfaces with our core system," said Kenneth Jones, system engineer at Farmington Savings Bank. "Previously, we had to re-process remit deposits through the teller system, and our reporting functions were cumbersome. Merchant Remit allows us to automatically process checks only, without batching, and it integrates seamlessly into our Check 21 environment. Merchant Remit generates accounts receivable posting files and reports while retaining all MICR information for research and retrieval. Another driving factor in our selection process was the capability of Goldleaf's Merchant Remit to expand as we bring on more customers and lines of business, without the time and expense of custom outsourced programming."
"Farmington Savings Bank has served its communities for more than 150 years with a commitment to the highest level of service," said Lynn Boggs, CEO of Goldleaf Financial Solutions. "The advanced technology of the Merchant Remit system allows the bank to provide flexible and efficient automated payment processing for specific lines of business required by its commercial accounts. This partnership with Goldleaf is yet another example of how Farmington Savings is expanding its offerings to provide its customers the highest level of satisfaction."
About Farmington Savings Bank
Chartered in 1851, Farmington Savings Bank, with $883 million in assets, now operates 12 locations throughout the Farmington River Valley and central Connecticut regions with a focus on community service. It is a mutual savings bank regulated by the State of Connecticut and the FDIC. In 1998, Farmington Savings Bank founded the FSB Foundation, Inc. to provide a permanent way of providing contributions, grants and scholarships to eligible organizations and individuals. To date, the Foundation has donated more than two million dollars to benefit local worthy causes.
About Goldleaf Financial Solutions, Inc.
Goldleaf Financial Solutions, Inc. (GFSI) offers a fully featured strategic product suite that provides core data processing, item processing, check and document imaging, ACH origination and processing, remote check capture and deposit processing, accounts receivable financing solutions, teller automation, turn-key leasing solutions, Web site design and hosting and retail inventory management services. The Company's full suite of products and services enables financial institutions and their small- to medium-sized business customers to better compete more effectively in today's aggressive financial services marketplace, grow their trusted financial relationships and provide increased profitability through the efficient use of technology and an expanded community presence. For more information about Goldleaf or its line of products for community financial institutions, please visit the Company at www.goldleaf.com.
Certain statements made in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the Company is unable to predict or control, that may cause the Company's actual results or performance to materially differ from any future results or performance expressed or implied by such forward-looking statements. These statements involve risks and uncertainties, including, without limitation, risks and uncertainties associated with the Company's ability to identify, complete or integrate acquisitions, achieve anticipated financial performance, achieve its growth plans, or to offer products and services that enhance the competitiveness of its clients. These risks and uncertainties are in addition to other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its annual report on Form 10-K for the year ended December 31, 2006. The Company cautions investors that any forward-looking statements made by the Company are not necessarily indicative of future performance. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.
For more information, please contact: Scott Russell, Goldleaf Financial Solutions, Inc.: 3653 South Avenue, Springfield, MO 65807; phone 417-882-1576 or 800-450-3502; fax 417-882-8423; www.datatrade.com.
Media Contact
Delia Croessmann
417-882-1576, ext. 37
delia.croessmann@goldleaf.com