Press Release
PNC Bank Implements VICOR RIDS Platform to Standardize
Wholesale Lockbox Technology
Contact: Bob Murphy
VICOR, Inc.
510-621-2047
RICHMOND, CA, October 3, 2005 - VICOR, Inc. today announced
that PNC Bank, N.A., a member of The PNC Financial Services
Group, Inc., is standardizing its national wholesale
lockbox processing network with VICOR’s RIDS (Receivables
Information Delivery System) platform. RIDS is an advanced
payment processing and receivables management platform
that enables financial institutions to deliver images
and robust transaction data to their corporate customers.
PNC Bank is one of the Top Ten largest treasury management
providers in the U.S. and a VICOR customer since 2000.
PNC Bank’s standardization effort expands the
RIDS configuration now installed across its national
lockbox network in Atlanta, Boston, Chicago, Dallas,
Los Angeles, Philadelphia and Pittsburgh. The complete
receivables processing infrastructure delivered by RIDS
provides PNC Bank with the flexibility to process multiple
types of work – non-image, image and specialized
transaction processing – on a single platform.
Since 2000, PNC Bank has operated both the RIDS configuration
as well as a fully depreciated legacy platform. The
single lockbox platform is expected to reduce PNC Bank’s
overall cost of technology ownership through the operational
efficiencies and service benefits that the VICOR platform
offers.
“The expanded VICOR platform will enable PNC
Bank to consolidate its lockbox systems and achieve
a consistency of infrastructure that provides better
flexibility, reliability and scalability for future
growth,” explained VICOR President and CEO Bob
Kirk. “The bank’s decision to standardize
on RIDS completes a process that began five years ago
with the initial installation of RIDS.”
“VICOR has demonstrated to PNC the ability of
RIDS to not only drive volume, revenue and profit growth,
but to also deliver operational savings,” said
Steve Stone, senior vice president at PNC Bank, the
only bank to achieve an A+ rating for all aspects of
wholesale lockbox in the 2004 Phoenix-Hecht Quality
Index. “We are familiar with the quality and capabilities
of VICOR’s technology and support staff, and we
are confident that standardizing our lockbox platform
will offer all PNC customers an advanced suite of services
for improving access to their financial data.”
The expanded use of RIDS by PNC Bank reflects the continued
momentum in VICOR’s receivables technology business,
which has won three major contracts this year from prominent
banks. “VICOR’s total package of software,
services and support has made RIDS the technology standard
in wholesale lockbox processing and the choice of the
nation’s leading financial institutions,”
stated Mike Dignen, senior vice president, national
account management, at VICOR. “Our technology
allows banks to effectively manage any transaction,
anywhere.”
About PNC Bank
PNC Bank, N.A. is a member of The PNC Financial Services
Group, Inc., one of the nation's largest diversified
financial services organizations providing consumer
and business banking; specialized services for corporations
and government entities, including corporate banking,
real estate finance and asset-based lending; wealth
management; asset management and global fund services.
For more information, visit www.pnc.com.
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.
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