Definition: BancTec

(BancTec, Inc., Dallas, TX) A diversified systems integration and services company founded in 1972 that specializes in automating applications for numerous industries, including banking, insurance and healthcare. BancTec merged with Recognition Equipment in 1995, broadening its product line to include software for processing credit, debit and courtesy cards and for electronic check authorization. Its PayCourier Archive and legacy OpenARCHIVE software were designed for high-speed archiving of financial document images and related transaction data.