Business Strategy

VICOR's fundamental strategy is to bring value to multiple market segments that require the efficient processing of Complex Payments via: a diverse product portfolio, enterprise support programs and strategic partnerships.

For the foreseeable future, financial institutions and their corporate clients will operate in a blended world of both electronic and paper payments. This environment requires solutions that deliver the innovation required to stay ahead in the complex and blended world of paper and electronics.

Complex Payments

Payment processing that requires the management of a multitude of variables on a transaction-by-transaction basis. Complex Payments contain the following 6 characteristics:

• Multiple Payment Formats
• Large Volumes of Payment Instructions and Invoices
• Multiple Channels for Receivables and Payables
• Standards - evolving and limited
• High Average Transaction Value
• Payors Set the "Rules"

Markets

VICOR optimizes the processing of complex payments in the following markets:

Wholesale and Retail Receivables With a mix of incoming paper and electronic transactions, each with large volumes of payment instructions/invoice data, VICOR delivers cost savings to mission critical Receivables operations by employing advanced recognition technologies, highly effective workflows, consolidated reporting and data exchange across multiple payment formats.

Check 21: Check 21 enables banks to electronically process images for a faster and more efficient clearing process. VICOR’s solutions enable data and image exchange, fraud safeguards as well as risk management. In addition, VICOR enables corporations the ability to remotely transmit check and invoice images to their bank for deposit, providing accelerated funds availability and operational savings.

Government Forms Processing: Government Forms Processing requires the seamless integration of payment processing with secure and efficient document management. VICOR’s expertise in forms recognition and high volume transaction processing provides secure and economical processing of a variety of Government forms and applications.

Healthcare/EOB: The healthcare industry requires highly sophisticated processing methods where multiple levels of data hierarchy on Explanation of Benefit (EOB) forms exist and need to be efficiently captured for reporting and processing purposes. VICOR’s data entry and capture application enables EOB Processors to automatically capture up to 90% of the keystrokes associated with complex, multiple page EOBs, including the hierarchical relationship of provider, patient, treatment, exception and denial codes. Once captured, VICOR permits the generation of full EDI 835 formatted files.

B2B Electronic Payments: EDI based payments and their associated instructions require a high percentage of manual intervention for exception processing. VICOR creates electronic images of the EDI payment data structure into a format that is convenient and consistent to corporate users, allowing them to easily manage the large volume of exception processing required for B2B Electronic Payments.