Creditron Expands Relationship with Bank of Nevada; Announces Homeowners Association Processing Services

ROCKVILLE, MD, October 19, 2008 – Creditron and Bank of Nevada, a $3 billion-asset bank headquartered in Las Vegas, today announced an agreement in principle to extend the bank’s ItemAge Express lockbox platform to process an estimated 250,000 homeowners association (HOA) payments per month.  Bank of Nevada is acquiring the volume from two other banks that are shuttering their operations.

Bank of Nevada selected Creditron based on the scalability and flexibility of ItemAge Express, which will allow the institution to react quickly to emerging market opportunities nationwide, while offering a tailored, cost effective solution for processing HOA payments.  ItemAge Express also enables the institution to mix and match capture devices as its volumes grow.

“The scalability and flexibility of ItemAge Express and Creditron’s proven ability to innovate makes them a strong fit and an ideal partner for our homeowners association payments,” said Barry D. Park, vice president, data processing manager, for Bank of Nevada.  “Throughout our relationship with Creditron, ItemAge Express has surpassed our expectations and delivered tremendous operational and business benefits.  We are confident that Creditron can leverage its experience and technology to help us innovate and drive value for HOA organizations.”

“We’re excited to earn the opportunity for ItemAge Express to help Bank of Nevada expand its lockbox services nationwide and simplify the processing of homeowners association payments,” said Creditron President Wally Vogel.  “Flexibility and scalability are key to our ItemAge Express platform, providing agile and adaptive lockbox environments that enable greater efficiencies, lower overall costs, and enhanced service.”

The contract expands upon Bank of Nevada’s existing ItemAge Express platform, installed in 2005, which runs on an NCR iTRAN 300e document sorter and includes courtesy and legal amount recognition, multi-bank and fine sort capabilities, Windows-based application setup, and the ability to automatically process matched or balanced payments in the first pass.

Creditron will demonstrate ItemAge Express in its expo hall booth (No. 1510), at the 2008 AFP Annual Conference, to be held October 19-22, at the Los Angeles Convention Center.

About Creditron

Creditron is a leading provider of payment processing, distributed capture, receivables management and electronic billing and payment solutions.  Its solutions combine industry standard operating systems and advanced imaging, scanning and data recognition technology to help financial institutions, businesses and other entities optimize operations performance and improve customer service.  The company’s over 350 North American customers process more than 400 million transactions annually, representing over $100 billion.  For more information, visit www.creditron.com.

Creditron is a registered trademark of Creditron Canada, Inc.

Contact:  
Bill Genard,
Creditron
603.772.1499
bgenard@creditron.com