Bank Up Reaches $1.0 Billion Milestone in YTD Remote Deposit Processing

ASP Achieves Monthly Record in Transactions and Clients

San Ramon, CA – October 8, 2008 (AllPayNews.com) - Bank Up Corporation, a payment processing ASP for the financial services industry, announced today the achievement of a significant milestone in the Company’s short, but growing Remote Deposit Capture history. In September, Bank Up recorded a record YTD processing total of $1.1Billion and a 100% increase in the number of transactions processed and the number of clients added to its service since January. The Company started its ASP business in early 2007.

Remote deposit capture enables banks to offer their business customers the ability to scan checks, regardless of the business’s location and transmit the images over a secure Internet connection to Bank Up for processing. “Our business is growing as we continue to support our bank customers’ goals of growing deposits and reducing the costs associated with achieving that growth,” said Michael Santimauro, CEO of Bank Up Corporation. Remote deposit capture technology is helping our bank customers expand their reach geographically in order to better serve their business customers. The adoption rate seems to be increasing exponentially,” said Santimauro.

Three key factors are contributing to Bank Up’s current success with Remote Deposit Capture. First, the full-deployment ASP model provides Bank Up’s customers with a private label strategy for deploying hardware, software, maintenance and client training while providing on-going technical and customer service support. Second, as remote deposit technology continues its adoption down market, accelerating momentum from the Company’s bank customers is gaining increasing acceptance as their client demand continues to improve. An extremely cost effective solution is provided to assist these banks with increasing their deposit growth and better serve their businesses in other towns, counties and states. Courier costs can be eliminated. Check mishandling risk is mitigated and funds availability is improved for customers. Finally, utilizing the Wausau Web DigitalDeposit/Digital Lockbox (WebDDL) platform has enabled Bank Up to offer a “best of breed” solution that has garnered high marks for its functionality, security and flexibility of processing options. Online training, robust reporting capabilities, administrative functionality that enables banks to monitor their clients’ deposit activity and intuitive ease of use features have contributed to make the Wausau solution a big part of Bank Up’s success. Lockbox/remittance payment processing is also part of the Wausau platform solution.

What’s next for Bank Up? Michael Santimauro said the Company is currently focusing much of its energy on building another ASP business focused on smaller-volume lockbox/remittance processing as well as providing disaster recovery solutions for remittance customers. The Company is also completing its SAS 70 Type II audit. “It is extremely important for our processing and disaster recovery customers to know that we have the proper controls in place to accommodate the growing payment processing that we are currently providing. We are also planning a seminar before the end of the year to provide detailed information to our customers on the pending FFIEC Guidelines on Remote Deposit Capture.” Bank Up is currently working with Moss-Adams LLP, a pre-eminent CPA and business consulting firm headquartered in the Western United States on both of these initiatives.

About Bank Up Corporation

Bank Up Corporation is a payments solution provider to financial institutions and government agencies. The Company has been in business since 1989. Bank Up provides Payment Contingency Solutions (Disaster Recovery) for item and remittance processing. These solutions are delivered through centers in San Ramon, CA and El Monte, CA. Solutions are also available for hosted data backup and the seamless recovery of critical client information from servers and data within a virtual network. Bank Up also provides Payment Processing Solutions offered remotely through the Company’s secure, hosted ASP in San Ramon. Remote Corporate Capture, Remittance Processing and Item Processing solutions are available to those customers looking to implement an immediate and cost effective “total solution” for those payment products. The Company’s solutions are all image-based and integrate the capabilities of core processing, branch revitalization and end user image exchange capabilities. Bank Up is SAS 70 Level II certified. Bank Up has a strong commitment to cost effective solutions and exemplary customer service.

Bank Up Media Contacts
Michael V. Santimauro, Office: 925-277-3904, Mobile: 415-235-4630, msantimauro@bank-up.com
Sharon David, Office: 925-277-3903, Mobile: 925-518-8511, sdavid@bank-up.com,
Czarina Chung, Mutmut Media Office: 415-356-4000, cchung@mutmutmedia.com