COLUMBUS, Ohio — Corporate One Federal Credit Union announced that GenFed Federal Credit Union in Akron, Ohio is the 500th credit union location to begin using its Automated Capture & Exchange (ACE) solution, a back-counter branch capture system that allows credit unions to perform electronic forward collection of deposits.
Since the launch of ACE in April 2005, credit unions in seven states have imaged and archived more than 19 million items, totaling more than $10.5 billion. During that time, the average item processed via ACE was valued at $557.50.
"Several major banks had also solicited us to re-sell their products, and while processing deposits will always involve exchanging items with banks, we wanted to deliberately limit this dependency. It just didn't make sense to help generate income for the same banks that were assaulting credit unions on Capitol Hill with their PACs," said Robert Coyan, SVP, marketing and operations for Corporate One.
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