Press Release

VICOR Unveils New Processing Modules that Provide Advanced Capabilities and High Flexibility for Receivables Payment Processing

Contact: Bob Murphy
VICOR, Inc.
510-621-2047

RICHMOND, CA, October 31, 2005 - VICOR, Inc., the leading provider of solutions that optimize the processing of complex payments for businesses and financial institutions, today announced the availability of new processing modules and functionality as part of a new release to its Receivables Information Delivery System (RIDS). RIDS is an image-based remittance system that delivers electronic and paper payment integration for wholesale, retail, and scannable payment processing functionality on a single platform.

VICOR has implemented expanded functionality to the RIDS platform that provides additional workflow processing efficiencies, improves operational productivity, increases security measures, and addresses evolving needs in vertical markets and applications. As part of this major release, VICOR has released four noteworthy modules, available as options to its RIDS platform: Electronic Check Presentment (ECP), Multi-tier Data Entry, Browser Based Keying, and Online Decisioning. These modules provide RIDS customers with new, flexible data entry and workflow enhancements that can greatly improve productivity while meeting the growing payment processing requirements of corporate, healthcare, and government customers.

Electronic Check Presentment: VICOR has modified RIDS functionality that permits financial institutions to meet government customer requirements for the federal Electronic Check Presentment (ECP) project, a Check 21 solution for government check processing. RIDS modifications include automated processing enhancements that detect government checks in the workflow stream that are identified for electronic processing and out sorts these items for Automated Clearing House (ACH) electronic debits and check truncation clearing. Image and data file outputs are delivered to a government image archive system where the payment data is made available to help agencies streamline the management of payments. These RIDS enhancements reduce costs and improve check processing functions by eliminating the need to physically transport the items from the bank where the check was deposited to the payer bank for settlement.

Multi-tier Data Entry: Multi-tier Data Entry is an automated data capture application utilizing VICOR's industry leading Intelligent Character Recognition (ICR) technology. Multi-tier Keying is ideally suited to the healthcare industry where multiple levels of data hierarchy on Explanation of Benefit Forms (EOBs) need to be captured for reporting and processing purposes. Multi-tier Keying enables EOB Processors to automatically capture 90% of the keystrokes associated with complex, multiple page EOBs, including the hierarchical relationship of provider, patient, treatment, exception and denial codes. Once captured, RIDS permits the generation of full EDI 835 formatted files. In addition, the flexible design of the Multi-tier Keying module allows financial institutions to gain further complex payment business by applying the functionality to other industry documents where multi-level data hierarchy exists.

Browser-Based Keying: Browser Based Keying provides the ability to conduct data entry for complex payment transactions in locations outside the processing environment of the financial institution. Financial institutions can effectively and securely leverage resources for data entry applications of commercial payment transactions located across the enterprise and beyond – whether they are in a local production environment, remote business office, third-party operation or off-shore location. Browser Based Keying provides financial institutions the opportunity to reduce the capital and labor costs associated with data entry.

Online Decisioning: Online Decisioning is a powerful interactive module that enables financial institutions to provide their corporate customers the ability to manage payment exceptions online in order to speed resolution. With this tool, corporate customers can review pending transactions, accept or reject the transactions, and append a note to their financial institution with further instructions. The module helps increase the cash flow for the corporate customer.

"VICOR's extensive, proven experience within the payment industry combined with a comprehensive understanding of our customers' business requirements, allows us to rapidly deliver innovative, strategic solutions that set the standard for leadership in receivables payment processing," said VICOR President Bob Kirk. "VICOR's continuing enhancements to RIDS will yield ongoing efficiencies that will help ensure our customers reduce costs, increase productivity, and provide value-added solutions to their customers."

About VICOR, Inc.

VICOR is the leading provider of solutions that optimize the processing of complex payments for businesses and financial institutions. By managing multiple payment types and formats across diverse distribution channels, VICOR helps financial institutions and businesses save time and money, attract new customers, generate revenue, and leverage existing technologies. VICOR Solutions processed over 180 million transactions in 2004, representing more than $1.1 trillion. VICOR, a member of the FINTECH 100 Global listing, is headquartered in Richmond, CA. For more information, contact 510-621-2000 or visit www.vicor.com.