VICOR, Inc. Marks 15 Years of Leadership in Lockbox Processing

Press Releases

VICOR, Inc. Marks 15 Years of Leadership in Lockbox Processing
and Receivables Management Software

Contact: Mike Dignen
VICOR, Inc.
610-524-5950 or mdignen@vicor.com

RICHMOND, CA, June 7, 2004 – VICOR, Inc. today marks its 15th anniversary with demonstrations at The Association for Work Process Improvement conference of its software platform that sparked a revolution in lockbox processing and receivables management – and will continue to set the performance standard in the new electronic payments environment.

VICOR pioneered the idea of transforming lockbox payment data into valuable receivables management information by accelerating the speed at which receivables data is available to corporate customers – empowering lockbox customers to make better and timelier decisions to improve their bottom line. VICOR’s flagship platform, RIDS (Receivables Information Delivery System), is widely recognized as the first payment processing and cash management platform to offer intra-day delivery of full color images and receivables data via the Internet and other, user-defined publishing formats. RIDS also is considered by many to have sped the adoption of many important technologies in lockbox processing, including the use of color imaging, scanning of supplemental documents, real-time notification, and robot keying.

“When VICOR first introduced RIDS, we spoke of a strategy in which our software would help remittance and lockbox processors realize the benefits of intra-day delivery of checks and associated documents, and extensive receivables information. Today we are delivering on that promise,” said Robert F. Kirk, President of VICOR. “Only VICOR provides the truly end-to-end lockbox processing and receivables management solutions and services – including robot keying and seamless publishing capabilities – that banks need to maintain a competitive edge, reduce operations costs, raise efficiency, and increase transaction value.”

VICOR’s record of achievements in lockbox processing and receivables software includes:

• Installation of RIDS in 22 lockbox operation sites nationwide. Together, these sites processed more than 100 million transactions in 2003, representing over $1.2 trillion.

• Elimination of re-association and mail-out for most RIDS customers, saving them up to 30 percent on their labor costs by automating this tedious and error-prone task.

• Automation of nearly one billion keystrokes in 2003 alone for users of the RIDS Robot Keying and Forms Processing modules. No other receivables management solutions provider comes close to matching these data-entry automation levels. VICOR projects that its customers will save nearly 1.5 billion keystrokes in 2004.

• Development of a unified application for integrated processing of retail, wholetail, and scannable items.

• Implementation of RIDS in a high-volume government processing environment that meets all federal security guidelines.

• Creation of interfaces enabling RIDS to connect with other vendors’ capture platforms, allowing processors to leverage RIDS’ data processing engine and image and multi-media output capabilities.

VICOR credits its success to its unique expertise in lockbox and receivables management. VICOR’s principals have been at the forefront of receivables processing since the early 1980’s. The company also boasts a seasoned team of technical professionals who have engineered dozens of remittance processing platforms in the credit card, telecommunications, and banking industries. Additionally, many of the company’s business and engineering professionals have been working in banking and financial services for over 20 years.

VICOR is well positioned to support lockbox and remittance processors in the future because its solutions were especially designed with a fully image-enabled open architecture, with support for virtual private networks (VPNs) and the consolidation of electronic payment data. RIDS can be easily adapted to assist emerging electronic payment initiatives, providing the flexibility customers require while protecting their lockbox and receivables investments. VICOR also is committed to expanding its product suite to meet its clients’ evolving needs.

About VICOR, Inc.

VICOR is a leading provider of image-enabled receivables processing and management solutions. The company’s flagship product, RIDS (Receivables Information Delivery System), is the first payment processing and cash management platform to offer full color images and intra-day delivery of receivables information via the Internet and other publishing options. Currently installed in 22 sites, RIDS processed over 100 million transactions in 2003, representing more than $1.2 trillion. VICOR is headquartered in Richmond, CA, and is privately held. For more information, call 510-621-2000 or visit www.vicor.com.