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WOBURN, Mass. – By coming to the aid of a credit union in Hurricane Rita-stricken New Orleans, EasCorp has proven how valuable electronic check processing will be in the future and how geographic boundaries will disappear. A few weeks ago, in rapid fashion, EasCorp equipped LADOTD FCU out of Baton Rouge with a Canon CR-180 scanner and EasCorp’s own internally-developed check imaging/processing software to assist the CU in clearing on-demand items electronically to give LADOTD members faster access to much needed funds. Louisiana Corporate does not offer check collection services. The Fed’s New Orleans check processing center was shut down because of Katrina. The Fed instructed financials to divert items to the Atlanta Fed. However, there were a number of obstacles and delays due to the extra volume. LADOTD, which is not a check collection client of EasCorp, but uses its investment products, started a discussion with the corporate that led to EasCorp flying down the equipment and a business development officer to help install it. The result was LADOTD being able to process on-deposit checks from members and process them through the Windsor Locks, Connecticut Fed office, and pick up at least a day in clearing time. There is still paper involved. IRDs, or substitute checks, are being printed, but the images are moving across the country instantly. The timing of this was tricky for EasCorp. It had been working on a remote capture system for a good part of 2005 and had been planning to do final testing and go live with the Federal Reserve in New England during the month of September, but was not completely ready when LADOTD came calling. “We ended up getting some help with contacts at the Fed to accelerate this very, very quickly. We put this system in production in a few days,” said Chris Smith, VP/CIS. LADOTD CEO Cary Anderson is grateful the CU had known about EasCorp’s efforts in branch capture. “We’ve actually been a member of EasCorp for four years. They do safekeeping for us. We do a number of investments through them. We knew they were working on remote capture, and you can’t get much more remote than us,” said Anderson. LADOTD CFO Pat Duhe said the EasCorp business development officer that flew down was able to have the equipment up and running in about an hour. She said before EasCorp’s system was installed, clearing was taking up to three days, now 55% of deposits are returned the same day, and 45% the next day. “It’s a one-step process. You’re filming and encoding at the same time,” said Duhe, eliminating the separate microfilm process the CU used to do. Anderson said unfortunately for the EasCorp rep who flew in, because Baton Rouge’s population has almost doubled since Katrina there were no available hotels. “He had to sleep in our conference room on an inflatable mattress.” EasCorp’s solution, eDeposit, is unique in that the software was developed in-house. Smith said EasCorp decided to do it on its own so it could competitively price its capture system, not be locked in with any one scanner brand, and because it has the in-house expertise. The system consists of the Canon scanner, courtesy amount recognition (CAR) software from A2IA (a French company), Ranger software from Silver Bullet Technology out of Pensacola, Fla. and EasCorp’s software. [email protected]

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