Finally, public announcement of BOC roll outs…
The Midwest grocer Hy-Vee ($5.2 billion, 224 store locations) has selected NCR's ImageMark solution for Back Office Conversion (BOC). Checks will be scanned in the back office at each store and transmitted to corporate headquarters. From there items eligible for BOC are converted to an ACH and non-eligible items are processed as images.
Kevin Reeve, assistant vice president and controller at Hy-Vee Inc., said, “We wanted more control over our costs and a way to utilize our bank operations. We felt our best option was to bring the technology in-house and look for ways to leverage our investment. ACH alone will save us about 4 cents on every deposited check. NCR understood our strategy and offered a very competitive, end-to-end solution. Based on what we have seen so far, we anticipate significant cost savings when the rollout is complete.”
Hy-Vee owns a bank – Midwest Heritage Bank – so they are likely to grant themselves immediate funds availability. Very convenient.
During her time at Glenbrook, Erin focused on client engagements in business payments, cross-border transactions, bill payment, and the intersection of corporate finance, banking, and ERP/accounting. She has nearly twenty years of experience leading increasingly complex payment initiatives for corporate clients and advising financial institutions and payment technologists on the development of their payment capabilities.
Erin is also the founder of Forte Financial, a consulting firm focused on corporate finance efficiency, technology, and process improvement. She is a past president of the Financial Women’s Association of San Francisco and also a two-term past president of the San Francisco Treasury Management Association. Erin is no longer with Glenbrook, but contributed greatly during her time at the firm.