COLUMBUS, Ohio – Corporate One FCU said it has beat most of the competition and rolled out the final stage of its image exchange solution, which will enable participating credit unions to get the full cost benefits of image exchange.
Phase one of Corporate One's Automated Capture & Exchange (ACE) solution allowed CUs to replace their microfilm and other hard copy efforts with imaging. Approximately 200 CU branches are in phase one.
Phase two facilitates clearing and settling through image exchange, which eliminates most courier fees, improves clearing times and reduces fraud opportunities.
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"We have been delighted with Phase one," said David Andreatta, president and CEO of Dover-Phila Federal Credit Union in Dover, Ohio. "When we were with the Fed, we spent a lot of time and money imaging and maintaining our archive. Now, ACE does that for us. With Phase two, we'll increase our efficiencies by being able to truncate our deposited items at the credit union, and with five offices, save substantial courier fees that we now pay to send items for processing," he added.
Corporate One said its usage of least-cost routing has helped it get to phase two quicker. Images of items are captured at the credit union's back counter and transmitted to Corporate One. Then, by translating the MICR information on the item, an exchange unit at Corporate One determines the financial institution upon which the item is drawn, and the least costly route for presentment.
"Many processors first created a solution whereby they accepted electronic images of deposited items from the credit union, then turned the items into image replacement documents and processed those items through the traditional paper sorters. This method actually adds costs to the clearing process, due to the added expense of `recreating' an item as an IRD. These same processors will now need to create another solution to clear and settle the images electronically, without the intermediate step of creating an IRD," said Robert Coyan, senior vice president of marketing and operations for Corporate One.
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