EasCorp, FSCC Go First with Overseas Remote-Deposit Capture
BURLINGTON, Mass. -- EasCorp has helped a New Hampshire credit union go live with overseas remote deposit capture, adding a new level of Check 21 convenience to the working lives of service members deployed in Europe.
The $2 billion corporate partnered with Financial Services Center Cooperative to align the technology needed to receive remote deposits from Service Credit Union members via branching kiosks in Ramstein, Germany.
The service, which went live in December after a month of testing, is an outgrowth of a joint program that EasCorp and FSCC began offering to credit unions stateside in 2005 and has now expanded to include credit unions and members anywhere in the world, EasCorp said.
"We're delighted to work with FSCC once again, this time to make it easier for credit union members to handle their personal financial business from overseas," said Alan Bernstein, senior vice president of business development and strategic planning for Burlington-based EasCorp.
"EasCorp's relationship with FSCC allows us to receive member credit unions' checks stateside electronically, via an image cash letter, making a more efficient process," Bernstein said.
"We see this as an excellent solution for military credit unions and others with members in other countries," he said.
FSCC already provides shared branching through more than 5,000 credit union locations in the United States, and is now the first to launch shared branch kiosks overseas, the company said.
"Through the FSCC interface, Service Credit Union is able to connect to their members in an on-line real-time mode," said Bonnie Kramer, executive vice president and chief operating officer of FSCC in San Dimas, Calif.
"Guest members are also allowed to access their credit union accounts at the kiosk--as long as a credit union participates in shared branching, it can utilize this channel to transmit deposits electronically," she said.
Check-based payments and deposits comprise about 80% of the dollar volume flowing through FSCC, Kramer said, and she said she expects Check 21 kiosk deployment to grow rapidly overall and become a major part of many credit unions' business plans.
Bernstein said the new remote deposit capture service would result in lower processing costs, among other benefits.
"Just like EasCorp's branch-capture program, eDeposit, credit unions are able to collect checks more quickly than before, experience better funds availability and receive faster notification of returns," he said.
"As long as a credit union is on the shared-branch network and has access to a device equipped with FSCC's platform, EasCorp can receive its deposits electronically," Bernstein said. "Beyond a doubt, this connects credit unions with the promise of Check 21."