AVON, Conn. -- COCC said a new alliance with Eastern Bank will allow its client banks and credit unions to electronically settle payments more quickly and cheaply.
The new COCC Exchange will be handling the majority of the company's nightly imaging processing within the next 12 months, COCC said.
The alliance will offer clients "a low, flat price for image clearing items regardless of the time deposited or the location of the paying institution. The arrangement provides an alternative to complex tier-pricing structures that penalize institutions that present their check images later in the day for payment," according to Joseph Lockwood, COCC's chief technology officer.
"With image exchange, these complexities are no longer factors in the check processing world," Lockwood said. "Our pricing with Eastern Bank reflects that thinking while giving clients additional opportunities to reduce cost with the COCC Exchange."
For instance, Eastern Bank will also provide 100% next day availability for all deposited items without imposing deferral, the practice of withholding a percentage of the institution's deposit, the companies said.
Connecticut-based COCC (www.cocc.com) provides core and image processing and other technology services to about 150 financial institutions, including approximately 40 credit unions.
Boston-based Eastern Bank (www.easternbank.com) is the largest independent, mutually owned bank in New England, with $6.8 billion in assets and more than 70 branches.
--mrapport@sc.rr.com
