COCC Lining Up Image-Exchange Users Among Client Fis
AVON, Conn. - COCC clients are lining up to launch image exchange services, according to the provider of core processing and other technology services to credit unions and banks. COCC, a customer-opened operation formerly known as Connecticut Online, now has two institutions live on its FedForward Image Cash Letter Deposit Service with the Federal Reserve. In that system, checks are encoded and assembled into an outgoing cash letter, which is then balanced and transmitted to the Fed for deposit. A new core processing client, $50 million Stamford Credit Union in Stamford, Conn., is currently testing the service and would be the third COCC client online when it goes live. Five more have contracted for the service, which also can send images to service such as Endpoint Exchange, and "many more are preparing to make the move," says Robert Bessel, COCC spokesman. The company processes checks for 91 credit unions and banks and has about 135 clients overall, about 35 of them credit unions. "COCC's success in contracting customers for image cash letter deposits is a very encouraging sign of the growing acceptance of image processing," says James McNealy, an account executive at the Federal Reserve Bank in Boston.