Gray TV Streamlines Remittance & Check Payment Processing With ETran
Written by: FTNI Admin
Project Confirms ETran is Fit For Media Industry Remittance and Check Payment Processing
OMAHA, NE. – January 15, 2013 – Financial Transmission Network Inc. (“FTNI”), a provider of industry leading receivable management solutions, today announced that Gray Television, Inc. (NYSE: GTN) has completed the conversion of its remittance and check payment processing. Gray TV will be utilizing FTNI’s award-winning, SaaS-deployed integrated receivables management platform, ETran.
Gray TV owns 36 television stations, serving 30 markets. Gray’s combined television station group reached approximately 6.2% of total United States households in 2012. All of the company’s stations broadcast primary channels that are affiliated with major networks.
When Gray TV approached FTNI regarding their remittance and check payment processing, they were utilizing Check21 Remote Deposit Capture via a 3rd-party clearing bank. This process did not provide them immediate access to deposits, which took days to clear electronically. Primary objectives included accelerating access to deposited funds, as well as locating a simplified alternative to the accompanying task of scanning and archiving documents related to remittance and check payment processing. These documents arrived in a variety of sizes and formats, further complicating the process.
Since FTNI’s ETran solution is scanner agnostic, it allows customers to choose the scanner manufacturer and model that best suits their needs. In the case of Gray TV, they chose a scanner that is capable of scanning 8 ½” x 14” documents but also features the ability to consistently read the magnetic ink that is used on the check’s MICR line. ETran’s ability to archive both the check and any accompanying documents made the scanning process a single pass activity. Archiving the check and document images as a single payment item was an added bonus. Having streamlined the scanning process, FTNI then solved the “availability of funds” issue by taking deposits directly to Gray TV’s bank, bypassing banking delays caused by 3rd party clearing.
”We’re very pleased with the benefits that ETran has been able to bring to our remittance and check payment processing” said Trisha Allen, Director of Broadcast Accounting, Gray TV. “Dealing with the immediate clearing of checks and the archiving of both checks and accompanying documents in a single pass has simplified our operation. FTNI’s ETran solution is matched only by their outstanding customer service after the sale.”
Gray TV and FTNI are now organizing an effort to extend those benefits identified above. The plans first include the extraction of Gray TV customer information from the documents that accompany the checks. Once this is done, then ETran will be positioned to create and send a secure daily posting file to Gray TV’s back office A/R system to automatically update each customer’s account.
“The Gray TV project once again demonstrates ETran’s ability to adapt to customer’s unique requirements” says Kurt Matis, President and CEO of FTNI. Mr. Matis goes on to say “ETran’s SaaS deployment method and highly flexible architecture enables us to quickly implement solutions that are specifically tailored to each customer’s specific industry and processes.”
Financial Transmission Network, Inc.’s (FTNI) ETran platform incorporates Remote Deposit Capture (check scanning), ACH, credit card processing, and cash posting – in one single, managed platform. This consolidation helps clients reduce costs, accelerate timelines, and improve transaction processing quality. The Company’s cloud-based 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 receivables 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. For further information on FTNI, please visit www.ftni.com.
About Gray TV
Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA, which owns and operates television stations broadcasting 40 primary channels and 45 secondary channels in 30 television markets. Nineteen of our primary channels and one secondary channel are affiliated with the CBS Network owned by CBS Inc. (“CBS”), ten primary channels are affiliated with the NBC Network owned by National Broadcasting Company, Inc. (“NBC”), eight primary channels and one secondary channel are affiliated with the ABC Network owned by American Broadcasting Company (“ABC”), and three primary channels and two secondary channels are affiliated with the FOX Network owned by the FOX Broadcasting Company (“FOX”).