AVON, Conn. — COCC says it is plans to convert a majority of its check-processing clients to the Federal Reserve Bank's FedReceipt Plus inclearing product.
Currently, 16% of COCC's outgoing cash letter clients use image inclearing, while 40% of them exchange images electronically, the company says. COCC supports image processing for outgoing cash letters, inclearing, returns and statements.
COCC also provides core processing to 144 institutions, 32 of them credit unions, on an Open Solutions platform, and was one of the first processors to get into end-to-end image processing as Check 21 took hold and then became law in 2004.
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"The advantages of image inclearing are so strong that we could see no reason not to convert our remaining paper-based check processing clients," says Joseph Lockwood, COCC's senior vice president and chief technology officer. "This is where the industry is moving."
COCC currently processes just more than 6 million checks and issues 1.1 million statements a month electronically, Lockwood says.
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