PANAMA CITY, Fla. — What WesCorp and Tyndall Federal Credit Union have been able to achieve with item processing shows just how dramatically Check 21 has changed the item processing landscape for both credit unions and item processors.

California-based WesCorp is based two time zones and a couple thousand miles away from Florida-based Tyndall FCU, but in the new world of image exchange, physical location, which has always been a critical component, has become irrelevant.

"The whole image processing world is allowing this kind of capability and what it's doing is allowing credit unions to have more choices," said Tony Kitt, senior vice president of correspondent services for WesCorp. Tyndall, which traditionally processed its own items, shopped around for a processor that could bring it full image exchange. It already had an existing relationship with WesCorp on the investment side. "We used to do it all ourselves. We had a proof machine here, did the encoding and filing and sending to the Fed. We estimate this is going to save us $500,000 to $600,000 a year in a combination of cost savings and increased investment income," said Tyndall FCU Senior Vice President/CFO Steve Ravin.

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