Fairfax Imaging has successfully installed and launched an image-based processing solution for LandAmerica Financial Group, Inc. (NYSE:LFG), provider of title insurance and other real estate transaction services, designed with Quick Modules, Fairfax’s own software. The new system included the X9.37 compliant Quick Check 21 module, the newest release in the software package. Utilizing Check 21 truncation with Quick Modules allows LandAmerica to electronically submit digital check information to their bank Wachovia (NYSE:WB).
In October of 2004, The Check Clearing for the 21st Century Act (Check 21) made it legal for businesses to replace paper checks with digital copies of the originals. Traditionally the check would be imaged and then sent through a second scanning device to encode the check and then sent to the bank through the mail for processing. LandAmerica has eliminated the need of this second scanner and the costs and time of shipping checks for processing; the check information is automatically sent to Wachovia electronically. When Wachovia receives the imaged payment information there is no delay in processing, the information is recognized and processed instantly. Any payments that may fail get sent back electronically and can be fixed without delay.
Development of the new system began in Feburary 2006 and launched in June of 2006. So far 50-60 thousand payments are processed and over 10 thousands checks are submitted by Quick Check 21 each month. “We are excited about integrating Check 21 into LandAmerica’s new processing solution,” Says Steve Chahal, principal of Fairfax Imaging. “The added benefits will not go unnoticed.”
About LandAmerica Financial Group, Inc.
Based in Richmond, Virginia, LandAmerica Financial Group, Inc. is a leading provider of real estate transaction services. Through its many subsidiaries, LandAmerica serves residential and commercial customers with more than 900 offices and a network of 10,000 active agents throughout the United States, Mexico, Canada, the Caribbean, Latin America, and Europe. LandAmerica is recognized on Fortune magazine's 2006 list of America's most admired companies and is ranked as a Fortune 500 and Forbes Platinum 400 company.
About Fairfax Imaging, Inc.
Headquartered in Tampa, Florida, Fairfax Imaging, Inc. is a leading provider of forms and financial document processing solutions. Established in 1994 with offices in Alabama, California, Illinois, Maryland,
Virginia and Texas, Fairfax Imaging develops its own processing software Quick Modules. Quick Modules, is a highly successful and award winning forms and remittance processing solution. Currently Quick Modules’ systems are processing millions of transactions per day; across many industries, both government and commercial.
SOURCE: Fairfax Imaging, Inc.
CONTACT: Steve Chahal, COO, +1-703-802-1220,
schahal@ffximg.com, or Michael D. Minter, VP – Sales and Marketing,
mminter@ffximg.com, both of Fairfax Imaging, Inc.