|Thursday, April 05, 2007||Contact: Bob Curran Jr. (212) 521-5326|
|InCompass Introduces Electronic Funds Transfer Service for Horsemen|
InCompass Solutions Inc., the premier provider of software solutions to racing offices and horsemen’s bookkeeper (HB) offices at racetracks throughout North America, is introducing the industry’s first electronic funds transfer service for horsemen with the start of Keeneland’s spring meet on April 6.
First announced at The Jockey Club Round Table Conference last August, InCompass Financial ServicesTM (IFS) enables horsemen in eligible states to access their HB accounts online via the IFS Account Access module and transfer money from their HB accounts electronically between participating tracks or from participating tracks to their personal bank account via the IFS Funds Transfer module. The system was successfully beta-tested during March by horsemen at Keeneland and Turfway Park.
“Our centralized HB system enables tracks to provide their horsemen with the ability to transfer money electronically, similar to online bill payment features of banks that they’re accustomed to using in their other consumer activities,” said InCompass president, David Haydon.
The initial rollout of the IFS Funds Transfer module will target tracks in Kentucky, New York and California. Additional states are expected to be added in the near future, pending approval by banking departments within each state. (An updated list of states that have approved the service and of tracks that will offer it is available on http://www.incompass-solutions.com.)
In order for a track to participate in InCompass Financial Services, it must utilize the InCompass HB system and offer its horsemen the IFS Account Access module, which gives horsemen secure, anytime-access to their HB statements, account balances and tax forms on the Internet. Access to online accounts is protected via a unique user ID and password for each of the more than 30,000 customer accounts. Twenty-five tracks in eight states currently offer InCompass Account Access to their horsemen.
“Keeneland is excited to be among the first tracks to offer horsemen this modern approach to the management of their money that is on deposit with us,” said Keeneland’s president and CEO, Nick Nicholson. “The added flexibility in terms of how horsemen access the money in their accounts will maximize efficiencies in our HB office and in the daily financial management of their equine businesses.”
Using InCompass Financial Services, horsemen simply log on to IFS Account Access at http://www.incompass-solutions.com, select “IFS Funds Transfer” on their account page and then complete a brief funds transfer form stating the amount to be transferred and the accounts involved.
Each evening, all electronic funds transfer requests from participating tracks nationwide are compiled automatically into a single file and transmitted to JPMorgan Chase Bank N.A., which will process the transaction into the automated clearinghouse (ACH) network.
Transferred funds will be available to horsemen generally on the next banking business morning. A fee of $7.50 will be assessed to horsemen for each transaction.
“JPMorgan Chase serves countless industries and millions of consumers around the world and we’re proud to expand upon the services we already offer to the horse racing industry,” said Glenn Leveridge, president of Chase in central Kentucky. “We look forward to a mutually beneficial relationship with InCompass and with the horsemen nationwide who will benefit from this new service.”
“InCompass Financial Services will allow horsemen to manage money in their HB accounts more professionally and it will also reduce the daily demands on the horsemen’s bookkeeper and greatly curtail the number of hardcopy checks written to horsemen,” added Haydon. “It also establishes a foundation on which additional financial services could be offered to the industry going forward.”
In 2006, approximately $1.1 billion moved through HB accounts at InCompass customer tracks and more than 250,000 hardcopy checks were written by the HB staff at these tracks.
InCompass, a wholly owned subsidiary of The Jockey Club Holdings Inc., integrates diverse technologies required to manage modern racing operations efficiently and effectively. InCompass is the racing office and horsemen’s bookkeeper vendor to racetracks that represent approximately 85% of the total racing days and 95% of live handle in North America.