Central Corporate Credit Union said it has become a Viewpointe Pointe2Pointe customer for check image archiving and exchange.
The $2 billion Southfield, Mich.-based corporate said it anticipated savings of about 30% compared to what it presently pays the Federal Reserve for check processing, according to Dan Maurer, an executive with CenCorp.
The service – which only works with other Pointe2Pointe customers – will handle around 10% of CenCorp’s check processing volume, estimated Maurer, who indicated that although the number of Pointe2Pointe institutions is small, many of the nation’s biggest banks are involved as owners of Viewpointe, one of the leading providers of check image archiving to financial institutions.
Maurer said the percentage will, of course, increase as Viewpointe signs up more institutions.
"Financial organizations are continually seeking ways in which to connect with other institutions without increasing costs and straining internal resources," said Glenn Wheeler, president, Viewpointe Clearing, Settlement & Association Services, in a statement. "We believe CenCorp members will benefit greatly from being part of this wider network while adding value to all of the members in the Viewpointe community."
“Cutting costs and streamlining operations now are the name of the game,” added Jim Zimmerman, CenCorp vice president of marketing.