OMAHA, Neb. – November 8, 2011 - Independence Bank, headquartered in East Greenwich, Rhode Island announced today that it has on-boarded its 100th customer using FTNI’s ETran Receivables Management Platform. Independence Bank was an early leader in offering Remote Deposit Capture (RDC) services to its clients, having brought on its first customer in 2004 under its Cool Deposit brand. Today, it provides RDC, ACH and credit card services to over 100 merchant customers in a variety of verticals including the medical billing, energy, legal and healthcare industries.
Danielle Desrosiers, COO of Independence Bank states: “As we continue to grow our customer base outside of our normal geographic footprint, including markets such as New York and Florida, we need a solution that is easy to deploy, easy to support and most importantly, easy to use for our end merchant clients. FTNI’s ETran provides all of these features and more.
While FTNI’s ETran solution began as strictly an RDC solution, FTNI quickly added the capacity to initiate single and recurring ACH transactions as well as single and recurring card present or card not present credit card transactions. A Cash processing module will be available later this month. At the request of Independence Bank and other FTNI customers, ETran was also enhanced with the addition of its Proactive Payment Monitor. This feature lets the bank establish thresholds, by each payment type, for each of its merchant customers. If those thresholds are exceeded, all merchant deposits for the entire day are suspended until bank staff that monitor deposits, speak with the merchant and remove the hold.
“The strong success Independence Bank has experienced in growing their RDC client base helps reinforce the acceptance of the flexibility, breadth and ease of use of our SaaS-based ETran platform”, says Kurt Matis, President and CEO of FTNI. Mr. Matis goes on to say “This reinforces the fact that businesses are looking for a single platform that can easily be customized to their unique business environment, in order to streamline their receivables processing operation.”
FTNI’s ETran platform which incorporates check scanning, ACH processing and credit card processing on a single, PCI-compliant managed platform (“SaaS”) to help clients reduce costs, accelerate timelines and improve transaction processing quality. Since the web payment technology is incorporated and delivered seamlessly within FTNI’s SaaS-based ETran platform, merchants are able to manage all of their incoming payments on a single platform. This enhancement also makes ETran’s recurring payment functionality, for both ACH and credit cards and for both fixed and variable amounts, available to a wider audience.
About Independence Bank
Independence Bank is an independent community bank located and headquartered in East Greenwich, Rhode Island. It was established by a group of successful business people who saw the need for a uniquely personal banking relationship tailored to a growing group of customers, in the West Bay area of Rhode Island.
Financial Transmission Network, Inc.’s (FTNI) ETran platform incorporates remote deposit capture (check scanning), ACH and credit card processing on single, managed platform to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s software enables customers to setup recurring payments (ACH & credit card), message between users and provide custom integration into back offices systems, thereby reflecting the payment activity in the merchant’s A/R system. This technology offers merchants a turn-key, single-payment platform in a software-as-a-service (“SaaS”) environment that is fully PCI-compliant, thereby eliminating the hardware and software costs associated with traditional solutions. Due to its modular approach and easy deployment, the ETran platform can be deployed in a variety of verticals and customized easily to fit the end-users needs.