RANCHO CUCAMONGA, Calif. -- Members of participating credit unions will be able to scan checks at home and submit to their credit union accounts via the Internet and a shared branching channel, according to an announcement from CO-OP Financial Services.
The CUSO, which is parent to the largest credit union-owned ATM network in the country as well as the largest shared branching network, said the new
technology development draws upon its experience with both check scanning and shared branching.
"As technology grows, the public's demand for increased convenience and security also rises," says CO-OP President/CEO Stan Hollen. "CO-OP is addressing this trend through innovative products like My Deposit ... and there's more to come in the near future."
With CO-OP My Deposit, credit union members will be able to securely scan checks using just about any home scanner and Internet-connected computer. Once the check image is properly captured and displayed on the computer monitor, members click the continue tab on the screen. The check image is instantly submitted for processing and clearing, the deposit is processed real time through the CO-OP Next Generation Network shared-branching switch. Users can see the deposit instantly added to their current account balance and can void the original check, file it for a short period of time and then destroy it.
"Credit union members will enjoy the versatility and convenience of making check deposits whenever they want, and small businesses will appreciate faster access to their funds," says Hollen. "By using our secure Web-based system, credit unions will save time and money, manage all aspects of the check imaging process and eliminate much of the labor that comes with in-branch, mail and ATM deposits. Credit unions will also attract attention from a new generation of tech-savvy members."
CO-OP Financial Services can manage the back-office image processing through CO-OP's CU ATM Services--giving the credit union a choice of using CO-OP to handle the image for review and presentment or manage it themselves, the CUSO said.