November 8, 2013
The Toronto Star to become one of the first billers in Canada to deposit checks electronically
TORONTO--Creditron, a leading provider of remittance processing and receivables management solutions, today announced that it has delivered its remittance platform to the Toronto Star, Canada’s largest daily newspaper.
Deploying the Creditron platform will enable the Toronto Star to decrease its costs significantly, including savings of over $50,000 per year in hardware maintenance alone. Despite the lower operating cost, the new solution will provide many additional advantages including full redundancy.
The Toronto Star also will become one of the first organizations in Canada to electronically deposit checks under a new rule enacted this year by the Canadian Payments Association (CPA). Depositing checks electronically will allow the newspaper to eliminate courier fees to transport bank deposits, and potentially accelerate funds availability.
The Toronto Star is using ItemAge Express to process payments for circulation, advertising, syndicate and fundraising. The Creditron software reduces sorting and keying of payments, and provides an archive of images and data for payments from all of the newspaper’s departments, allowing staff to instantly retrieve images of processed transactions for inquiries.
“Creditron is excited to add the Toronto Star to its growing customer base,” said Creditron Founder and CEO Wally Vogel. “We are especially pleased that our platform will enable the newspaper to become one of the first billers in Canada to eliminate paper cheque deposits by incorporating remote electronic deposit. Combined with the other savings provided, this will provide the Toronto Star with a tremendous return on investment.”