AVON, Conn. – COCC announced that 18 of its 99 document processing clients are exchanging images using the Federal Reserve's FedForward product.
Commitments to image exchange will raise the percentage of production clients to 31% by year-end, said COCC.
"Image is the next big thing in banking," said Joseph D. Lockwood, COCC's chief technology officer. "Over the next two years, financial institutions will observe a sea change in check processing operations. The question is, are the financial institutions going to watch from the sidelines or jump in the stream? From our experience, the long term winners will start swimming now."
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COCC began exchanging images on behalf of its first client one year ago and has steadily increased its client base. In March, COCC transmitted nearly 500,000 check images to the Federal Reserve in lieu of transporting paper checks. "As more and more financial institutions accept image cash letters for payment, our clients will continue to increase their cost savings," said Lockwood.
The primary product used by COCC's image-enabled financial institutions has been the Federal Reserve's FedForward. Last month, COCC began its first production runs of FedReceipt and FedReceipt Plus, and completed its first successful test of FedReturn. COCC is also prepared to exchange check images with Endpoint Exchange.
Of the 31 COCC clients implemented or committed for implementation by year-end, 22 will be new check processing clients.
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