UPCOMING EVENTS
Farmington Savings Bank Selects Goldleaf's Imaged-based Remittance/Lockbox Solution
03/28/2010
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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 the company's Merchant Remit image-based remittance/lockbox system. Merchant Remit is offered by Goldleaf's DataTrade Division and 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
Goldleaf Financial Solutions, Inc., offers a strategic suite of integrated technology and payment processing solutions to community financial institutions. Goldleaf's products and services enable community financial institutions to succeed in today's competitive market, solidify their trusted financial relationships, expand their community presence and improve profitability through the efficient use of technology. Goldleaf works with clients throughout the United States, Caribbean and Central America. For more information about Goldleaf and its set of solutions, please visit the company at www.goldleaf.com.
About DataTrade: A Division of Goldleaf Financial Solutions, Inc.
DataTrade, LLC, joined Goldleaf Financial Solutions, Inc. in May 2007. Since 1990, DataTrade has served hundreds of clients worldwide from community banks to Fortune 100 companies. The company provides innovative financial and/or banking software including Merchant Remit remittance/lockbox solution and expert data conversion services. For more information on the company, please visit www.datatrade.com.
Safe Harbor Statement
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 ability of the Company's suite of products and services to enhance the competitiveness of its clients. These and other risks and uncertainties the company faces are detailed from time to time in the Company's filings with the Securities and Exchange Commission. 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.
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