Goldleaf Financial Solutions

Sea Tow Selects Goldleaf's Remittance Processing Solution

Merchant leverages solution to process growing check volume with Bridgehampton National Bank

August 6, 2008

ATLANTA--(BUSINESS WIRE)--Aug. 6, 2008--Goldleaf Financial Solutions, Inc. (NASDAQ:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today announced that Southold, N.Y.-based Sea Tow Services International Inc. selected Goldleaf's remittance processing solution to automatically handle the processing of payments and coupons received from its membership of more than 170,000 recreational boaters.

Sea Tow, the world's largest professional marine assistance organization, has more than 121 franchise locations throughout the United States, Australia, Europe, the Virgin Islands and Puerto Rico. The company processes approximately 1,000 checks a day during its peak season that need to be cleared in a timely manner, a task too large for its old remittance system. After consulting with its financial institution, Bridgehampton National Bank (BNB), Sea Tow was referred to Goldleaf.

"We were delighted by Sea Tow's request for a remittance processing solution to better manage its check volume," Tom Simson, chief information officer at BNB, said. "We have seen Sea Tow triple its volume in the last few years. Now, using Goldleaf's technology, Sea Tow enjoys the benefits of better funds availability, and we have another happy customer. The process is very smooth and efficient for both of us."

Goldleaf worked with both Sea Tow and BNB to develop a custom interface to its core processor, that enhances efficiency, supplies a complete audit trail and provides a secure, seamless transfer. The remittance processing functions, which previously required three or four full time employees from Sea Tow, now require only one.

"We liked the ability to not only modify Goldleaf's remittance solution to fit our current business processes but also to build on the solution as we grow," Jim Foley, Sea Tow controller, explained. "Although the large majority of our payments are made by check with a remittance stub, we do receive some credit card payments. Goldleaf also accommodated our need for a credit card module, and it has exceeded our expectations. We are very happy with the business solution Goldleaf's remittance product has provided us, and we look forward to the continued use as our business needs evolve."

"Sea Tow is an excellent example of how businesses can benefit immediately from remote deposit and Check 21 initiatives - and how financial institutions like BNB can better meet customers' needs with such a solution," Lynn Boggs, CEO of Goldleaf said. "Businesses are becoming more aware of the remittance choices available to them, which in turn offer banks the option to increase profits through customer retention, increased market share and faster, more efficient practices."