ALEXANDRIA, Va. — State Department Federal Credit Union plans to deploy a new Web merchant capture solution from VSoft Corp., the company and credit union said.
The Agile Merchant solution will allow the $880 million credit union’s business members to electronically submit check images. The 66,000-member CU plans to first roll out the solution to organizational accounts across the United States and then to State Department facilities globally, saving time and international courier fees associated with paper processing.
State Department FCU (www.sdfcu.org) serves more than 250 embassies and has more than 100 organizational accounts at schools, commissaries and recreation associations across the country.
“The demand for merchant capture services arose predominantly from our overseas members,” said Charlie Roberts, the CU’s chief information officer. “Using the VSoft system, we can now offer immediate deposit to all of our international members, and by eliminating international courier expenses, we have drastically cuts costs.”
The new solution will make funds available more quickly and allow business members to consolidate deposits, according to Atlanta-based VSoft (www.vsoftcorp.com), a provider of image-based exchange and processing technology to more than 1,700 financial institutions worldwide.
“Paper lag means added cost and lost float. This is accentuated for the large number checks from outside U.S. borders,” said Vijay Balakrishnan, the company’s chief operating officer.
“This deployment of remote capture on a global scale is an excellent example of the tangible benefits of straight-through image processing by shrinking the distance between capture and clearing,” Balakrishnan said.