COCC Shows Sharp Increase in Image Exchange Penetration

AVON, Conn. — This series of pie charts represents the percentage of COCC clients who exchange images versus those who process paper checks. Each chart represents one year, starting with 2005. The chart shows the increase in image exchange penetration from 9% in 2005 to 32% so far in 2007. The client-owned company is estimating its 2008 penetration based on signed agreements and expects the rate to higher by the end of next year. Overall, COCC processed checks for 99 credit unions and banks in 2005 and 2006, a number that has increased to 106 financial institutions. COCC expects the number of clients served to increase to 108 in 2008, based on signed agreements.